On June 23, 2025, the Brent crude oil price stood at 70.98 U.S. dollars per barrel, compared to 68.51 U.S. dollars for WTI oil and 76.19 U.S. dollars for the OPEC basket. OPEC prices rose that week following expected supply constraints related to the Israel-Iran conflict.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Heating Oil rose to 2.13 USD/Gal on June 6, 2025, up 1.84% from the previous day. Over the past month, Heating Oil's price has risen 7.87%, but it is still 9.65% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on June of 2025.

Learn about the factors influencing the crude oil stock market, including supply and demand dynamics, geopolitical tensions, and economic indicators. Discover how the COVID-19 pandemic impacted crude oil prices and explore investment opportunities in futures contracts, ETFs, and energy company stocks.

Urals Oil fell to 72.18 USD/Bbl on June 23, 2025, down 0.08% from the previous day. Over the past month, Urals Oil's price has risen 25.20%, but it is still 9.56% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Urals Crude.

The stock market today saw mixed results with major U.S. stock indexes closing higher, while crude oil prices experienced a decline. Factors including a tech sell-off, economic recovery concerns, stimulus package delays, demand outlook, OPEC+ production increase, and U.S. inventory buildup influenced the market and oil prices.

Crude Oil Market Outlook

As of 2023, the global crude oil market size was valued at approximately USD 1.3 trillion, and it is expected to reach USD 1.7 trillion by 2032, growing at a compound annual growth rate (CAGR) of 3.0% during the forecast period. The growth of this market is fueled by increasing demand in various industrial applications, coupled with advancements in extraction technologies that have made previously unrecoverable reserves accessible. Furthermore, the ongoing industrialization in emerging economies and the rising global energy demand are significant factors contributing to the market expansion. These factors are expected to consistently drive the crude oil market over the coming decade, despite growing environmental concerns and the push for renewable energy sources.

The primary growth factor for the crude oil market is the expanding global transportation sector, which remains heavily reliant on fossil fuels. As both personal and commercial transportation increases, so does the demand for crude oil, as it is the primary raw material for the production of fuels like gasoline, diesel, and aviation fuel. This is particularly evident in regions with burgeoning automotive markets and aviation sectors, where there is a continuous need to meet the energy requirements. Moreover, the development of infrastructure in developing countries is further bolstering the consumption of crude oil, especially in sectors such as road and air transport, which are pivotal to economic progress.

Another significant factor contributing to the growth of the crude oil market is its broad application base across various industrial sectors. Crude oil is not only a vital energy source but also a critical input for numerous petrochemical products, which are integral to industries such as plastics, pharmaceuticals, and chemicals. The industrial demand for crude oil is expected to remain robust as these sectors continue to expand, driven by technological innovations and a growing global population. Additionally, the power generation sector still relies on crude oil, albeit to a lesser extent, maintaining a steady demand alongside the increasing share of renewable energy sources.

Technological advancements in extraction techniques like hydraulic fracturing and horizontal drilling have unlocked new reserves, contributing significantly to supply-side growth. These technologies have made it economically viable to extract oil from unconventional sources such as shale formations and deep-sea reserves. This has not only increased the global supply of crude oil but also enhanced the competitiveness of oil-producing countries, particularly the United States, which has emerged as a major player in the global market. As technology continues to evolve, it is expected to further streamline production processes, reduce costs, and open up new areas for exploration.

Regionally, the Asia Pacific region is projected to witness the highest growth in the crude oil market, driven by rapid industrialization and urbanization in countries like China and India. The region's demand for energy is skyrocketing, fueled by economic development and an increasing population. North America remains significant due to advancements in extraction technologies and substantial shale reserves. Meanwhile, the Middle East and Africa continue to hold strategic importance due to their vast conventional oil reserves. Europe and Latin America, while also important markets, are expected to grow at a more moderate pace as they balance energy needs with sustainability initiatives.

Type Analysis

The crude oil market is segmented by type into light, medium, and heavy crude oil. Light crude oil is highly sought after due to its high yield of valuable products such as gasoline and diesel upon refining. It is generally preferred by refineries because of its lower sulfur content and ease of processing, resulting in lower overall production costs. The demand for light crude oil is expected to remain strong as refineries continue to upgrade and optimize their processes to produce cleaner fuels. Moreover, the development of new refining technologies may further enhance the processing efficiency of light crude, sustaining its demand in the market.

Medium crude oil, characterized by its balanced sulfur content and density, serves as a versatile feedstock for refineries across the globe. Although not as easily processed as light crude, medium crude oil provides a good yield of both light and heavy petroleum products. Its market demand is also driven by the flexibility it offers refineries in terms of product output. In regions wit

This statistic shows the stock prices of selected oil and gas commodities from January 2, 2020 to February 4, 2025. After the Russian invasion of Ukraine in February 2022, energy prices climbed significantly. The highest increase can be observed for natural gas, whose price peaked in August and September 2022. By the beginning of 2023, natural gas price started to decline.

This dataset contains information about world's oil trade movement for 1980. Data from BP. Follow datasource.kapsarc.org for timely data to advance energy economics research.Notes:Unless otherwise stated, this table shows inter-regional trade based on the regional classification in the table `Oil trade in 2015 and 2016’. 1 Prior to 1993, Europe excludes Central Europe (Albania, Bulgaria, Czech Republic, Former Republic of Yugoslavia, Hungary, Poland, Romania, Slovakia). 2 Excludes intra-Middle East trade before 1993. 3 North and West African exports excludes intra-Africa trade prior to 1993. 4 Excludes Japan. Excludes trade between other Asia Pacific countries and Singapore prior to 1993.

n/a not available.

Annual changes and shares of total are calculated using thousand barrels daily figures.

Bunkers are not

Rapeseed rose to 485.54 EUR/T on June 6, 2025, up 1.15% from the previous day. Over the past month, Rapeseed's price has risen 3.47%, and is up 4.41% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Rapeseed Oil.

Oil futures prices remain unchanged as traders watch for the impact of new COVID-19 variants and OPEC+ meeting outcomes. The US-Iran negotiations and latest inventory data also influence oil prices.

Crude Oil Production in Iran decreased to 3305 BBL/D/1K in April from 3336 BBL/D/1K in March of 2025. This dataset provides the latest reported value for - Iran Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Group III base oils market is expected to have the highest compound annual growth rate (CAGR) among all base oil groups from 2023 to 2032, at 4.34 percent. This group of base oils is sometimes described as synthesized hydrocarbons even though it is made from crude oil. In comparison, the Group I base oils market is forecast to have the lowest CAGR during that timeframe, at 2.34 percent.

Natural gas fell to 3.62 USD/MMBtu on June 9, 2025, down 4.40% from the previous day. Over the past month, Natural gas's price has fallen 0.78%, but it is still 24.48% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on June of 2025.

Graph and download economic data for CBOE Crude Oil ETF Volatility Index (OVXCLS) from 2007-05-10 to 2025-06-23 about ETF, VIX, volatility, crude, oil, stock market, and USA.

Graph and download economic data for Global price of Olive Oil (POLVOILUSDM) from Jan 1990 to Apr 2025 about oil, World, food, and price.

Discover how the decline in crude oil prices caused by the ongoing COVID-19 pandemic and potential increase in supply is impacting the stock market and various industries. Learn about the complex correlation between oil prices and the stock market and the importance of monitoring these factors as an investor.

Crude Oil Production in Iraq decreased to 3605 BBL/D/1K in May from 3664 BBL/D/1K in April of 2025. This dataset provides the latest reported value for - Iraq Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Orange Juice fell to 278.28 USd/Lbs on June 9, 2025, down 2.34% from the previous day. Over the past month, Orange Juice's price has risen 19.54%, but it is still 35.19% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Orange Juice - values, historical data, forecasts and news - updated on June of 2025.

Gasoline fell to 2.10 USD/Gal on June 24, 2025, down 2.55% from the previous day. Over the past month, Gasoline's price has fallen 0.31%, and is down 15.90% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline - values, historical data, forecasts and news - updated on June of 2025.

Crude Oil Production in Mexico decreased to 1711 BBL/D/1K in February from 1715 BBL/D/1K in January of 2025. This dataset provides the latest reported value for - Mexico Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.