On July 7, 2025, the Brent crude oil price stood at 69.62 U.S. dollars per barrel, compared to 67.93 U.S. dollars for WTI oil and 69.92 U.S. dollars for the OPEC basket. Prices rose slightly that week, following signs of an increase in demand.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.

Crude Oil rose to 68.75 USD/Bbl on July 11, 2025, up 3.27% from the previous day. Over the past month, Crude Oil's price has risen 1.04%, but it is still 16.37% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.

As of May 2025, the average annual price of Brent crude oil stood at 72 U.S. dollars per barrel. This is some eight U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

Brent rose to 70.45 USD/Bbl on July 14, 2025, up 0.12% from the previous day. Over the past month, Brent's price has fallen 3.80%, and is down 16.98% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on July of 2025.

The price of refined petroleum per barrel is influenced by various factors, including the price of crude oil, supply and demand dynamics, global geopolitical events, and macroeconomic indicators. Understanding these factors is essential for policymakers, energy companies, and consumers to foresee and adapt to changes in petroleum prices.

Interactive daily chart of Brent (Europe) crude oil prices over the last ten years. Values shown are daily closing prices.

Graph and download economic data for Crude Oil Prices: Brent - Europe (WCOILBRENTEU) from 1987-05-15 to 2025-07-04 about crude, oil, Europe, commodities, and price.

Explore the factors that influence the price of petroleum in the international market, including supply and demand dynamics, geopolitical tensions, economic conditions, and market speculation. Understand the role of Brent crude oil as a benchmark and the impact of global events on oil prices. Stay informed about the current price fluctuations and the need to monitor multiple factors for accurate assessments.

Graph and download economic data for Spot Crude Oil Price: West Texas Intermediate (WTI) (WTISPLC) from Jan 1946 to Jun 2025 about WTI, crude, oil, price, and USA.

WTI oil prices in , May, 2025 For that commodity indicator, we provide data from January 1982 to May 2025. The average value during that period was 46.19 USD per barrel with a minimum of 11.31 USD per barrel in December 1998 and a maximum of 133.93 USD per barrel in June 2008. | TheGlobalEconomy.com

Urals Oil rose to 66.46 USD/Bbl on July 11, 2025, up 2.31% from the previous day. Over the past month, Urals Oil's price has risen 2.96%, but it is still 18.42% 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.

According to a 2025 survey, oil producers operating in the Permian region needed WTI oil prices to amount to a minimum of ** U.S. dollars per barrel in order to profitably drill a new well. This compared to a minimum breakeven price of ** U.S. dollars per barrel for existing wells. The monthly average WTI oil price ranged between ** and ** U.S. dollars per barrel around the time of the survey. Most productive oil basins Operators in shale basins have the lowest average breakeven prices for new wells. However, when it comes to existing wells, operators in the Permian (Delaware) basin can afford even lower oil prices. The Permian basin, located in Texas and New Mexico, accounts for the greatest U.S. oil production output of any region. In 2024, production in the Permian reached nearly *********** barrels per day - more than **** times the amount extracted from the neighboring Eagle Ford rock formation. Texas is leading oil producing state With both regions located in Texas, it is not surprising that this is also the leading crude oil producing U.S. state. Nearly two billion barrels worth of crude oil were extracted in Texas per year, far more than any other state. Texas is home to a total of five major oil and gas formations.

Russia Average World Price: Crude Oil: Urals: per 1 Barrel data was reported at 91.200 USD/Barrel in Mar 2019. This records an increase from the previous number of 80.700 USD/Barrel for Feb 2019. Russia Average World Price: Crude Oil: Urals: per 1 Barrel data is updated monthly, averaging 58.745 USD/Barrel from Jun 2000 (Median) to Mar 2019, with 226 observations. The data reached an all-time high of 129.710 USD/Barrel in Jul 2008 and a record low of 18.200 USD/Barrel in Nov 2001. Russia Average World Price: Crude Oil: Urals: per 1 Barrel data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Global Database’s Russian Federation – Table RU.PC002: Average World Prices, Crude Oil Export Price, Crude Oil Export Duty.

This dataset contains information about daily spot prices for crude oil WTI and Brent from 1986. data from US Energy Information AdministrationNotes:Citation: "Spot Prices For Crude Oil And Petroleum Products". Eia.gov. N.p., 2016. Web. 10 Mar. 2016.

The price of US oil per barrel today is influenced by global supply and demand, geopolitical events, economic indicators, and market speculation. Learn about the factors that impact oil prices and their effects on the global economy.

United States - Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma was 62.17000 $ per Barrel in May of 2025, according to the United States Federal Reserve. Historically, United States - Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma reached a record high of 133.88000 in June of 2008 and a record low of 11.35000 in December of 1998. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma - last updated from the United States Federal Reserve on July of 2025.

Graph and download economic data for Global price of Brent Crude (POILBREUSDQ) from Q1 1990 to Q1 2025 about crude, oil, World, and price.

Ecuador Crude Oil: Price: Average: Petroleum WTI data was reported at 54.680 USD/Barrel in Jun 2019. This records a decrease from the previous number of 60.730 USD/Barrel for May 2019. Ecuador Crude Oil: Price: Average: Petroleum WTI data is updated monthly, averaging 75.215 USD/Barrel from Jan 2010 (Median) to Jun 2019, with 114 observations. The data reached an all-time high of 109.890 USD/Barrel in Apr 2011 and a record low of 30.330 USD/Barrel in Feb 2016. Ecuador Crude Oil: Price: Average: Petroleum WTI data remains active status in CEIC and is reported by Central Bank of Ecuador. The data is categorized under Global Database’s Ecuador – Table EC.P001: Crude Oil Prices.

Heating Oil rose to 2.47 USD/Gal on July 11, 2025, up 3.46% from the previous day. Over the past month, Heating Oil's price has risen 11.10%, but it is still 1.60% 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 July of 2025.