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.

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.

Learn about the factors that influence oil and gas prices and how they have evolved over the years, including supply disruptions, geopolitical tensions, economic growth, and the impact on various sectors.

Crude Oil fell to 65.98 USD/Bbl on June 24, 2025, down 3.70% from the previous day. Over the past month, Crude Oil's price has risen 8.36%, but it is still 18.37% 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 June 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.

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.

Oil prices trend

The data contains oil prices from 1998 from 8 countries.

Content

The data is self explanatory. The price is described in USD for the crude oil data and in local currencies for the fuel products.

Acknowledgements

The data is available from IEA website

United Kingdom BOE Forecast: Brent Crude Oil Price data was reported at 71.000 USD/Barrel in 2021. This records a decrease from the previous number of 74.000 USD/Barrel for 2020. United Kingdom BOE Forecast: Brent Crude Oil Price data is updated yearly, averaging 72.500 USD/Barrel from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 81.000 USD/Barrel in 2018 and a record low of 43.000 USD/Barrel in 2015. United Kingdom BOE Forecast: Brent Crude Oil Price data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.P009: Crude Oil and Gas Prices: Forecast.

Graph and download economic data for U.S. Natural Gas Liquid Composite Price (MNGLCP) from Jan 2009 to Mar 2025 about natural resources, composite, gas, price, and USA.

Switzerland Brent Crude Oil Price data was reported at 75.710 USD/Barrel in Oct 2018. This records a decrease from the previous number of 82.790 USD/Barrel for Sep 2018. Switzerland Brent Crude Oil Price data is updated monthly, averaging 25.785 USD/Barrel from Jan 1970 (Median) to Oct 2018, with 586 observations. The data reached an all-time high of 139.390 USD/Barrel in Jun 2008 and a record low of 2.230 USD/Barrel in Dec 1970. Switzerland Brent Crude Oil Price data remains active status in CEIC and is reported by Swiss National Bank. The data is categorized under Global Database’s Switzerland – Table CH.P002: Fuel Prices.

Natural gas fell to 3.61 USD/MMBtu on June 24, 2025, down 1.84% from the previous day. Over the past month, Natural gas's price has fallen 3.55%, but it is still 26.13% 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 US Regular All Formulations Gas Price (GASREGW) from 1990-08-20 to 2025-06-23 about gas, commodities, and USA.

Interactive chart illustrating the history of Henry Hub natural gas prices. The prices shown are in U.S. dollars.

Learn about the unit of measurement for crude oil price, barrels (bbl), and how it is typically quoted in dollars per barrel. Discover why this unit became standard, its use in the oil and gas industry, and factors influencing crude oil prices.

Petroleum Product Imports: Liquefied Gas Oil: Average Sales Price per Barrel data was reported at 13.533 USD/Barrel in May 2018. This records an increase from the previous number of 13.452 USD/Barrel for Apr 2018. Petroleum Product Imports: Liquefied Gas Oil: Average Sales Price per Barrel data is updated monthly, averaging 12.849 USD/Barrel from Jan 2005 (Median) to May 2018, with 161 observations. The data reached an all-time high of 15.493 USD/Barrel in Oct 2011 and a record low of 9.936 USD/Barrel in Feb 2005. Petroleum Product Imports: Liquefied Gas Oil: Average Sales Price per Barrel 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.RB005: Petroleum Product Statistics.

Crude Oil Price: Pandan data was reported at 19.040 USD/Barrel in Apr 2020. This records a decrease from the previous number of 32.070 USD/Barrel for Mar 2020. Crude Oil Price: Pandan data is updated monthly, averaging 25.555 USD/Barrel from Mar 2020 (Median) to Apr 2020, with 2 observations. The data reached an all-time high of 32.070 USD/Barrel in Mar 2020 and a record low of 19.040 USD/Barrel in Apr 2020. Crude Oil Price: Pandan data remains active status in CEIC and is reported by Directorate General of Oil and Gas. The data is categorized under Indonesia Premium Database’s Energy Sector – Table ID.RBH003: Crude Oil Price.

Indonesia Crude Oil Price: Pagerungan Condensate data was reported at 57.690 USD/Barrel in Jul 2019. This records an increase from the previous number of 57.290 USD/Barrel for Jun 2019. Indonesia Crude Oil Price: Pagerungan Condensate data is updated monthly, averaging 71.410 USD/Barrel from Jan 2006 (Median) to Jul 2019, with 163 observations. The data reached an all-time high of 131.520 USD/Barrel in Jul 2008 and a record low of 26.920 USD/Barrel in Dec 2008. Indonesia Crude Oil Price: Pagerungan Condensate data remains active status in CEIC and is reported by Directorate General of Oil and Gas. The data is categorized under Global Database’s Indonesia – Table ID.RBH003: Crude Oil Price.

UK oil and gas production has diminished over the past decade because old oil fields have matured while developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices, as growing global oil and gas from America flooded the market, slightly outpacing demand. Revenue is expected to expand at a compound annual rate of 3.4% over the five years through 2024-25 to just over £33 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices remain somewhat flat in the second half of 2024-25. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which has been extended until March 2025, with a ramping up period through September 2025. This is set to keep oil prices stable by limiting global oil supplies in the face of growing production in non-OPEC countries. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries threatening a glut in the oil market and a significant dip in global demand (especially from China) has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices hiking up around 10% in the month to October 2024 but remaining relatively low. Oil and gas prices are likely to continue inching downwards in the coming years as the US is forecast to continue ramping up the global oil and gas supply. This, along with an expected drop in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to climb at a compound annual rate of 3.4% over the five years through 2029-30 to just over £39 billion.

The value added by the U.S. oil and gas extraction industry amounted to 257.03 billion U.S dollars in 2023. This was a notable decrease from the previous year, but an increase compared to before 2021 which saw a decline in oil product demand due to pandemic-induced lockdowns. Energy supply fears in the wake of the Russia-Ukraine war as well as a return to pre-pandemic level economic activity are partly responsible for the increase in value added noted in 2022. The close connection between 'value added' and crude oil prices The term 'value added' here refers to the difference between the industry's gross output and the cost of production. In the oil and gas industry, the annual value added is majorly influenced by the impact of world market developments on crude oil prices. As these prices underlay market speculation they are especially volatile. For example, the peak in value added recorded in 2022 comes as domestic first purchase prices for crude oil in the U.S. saw a major increase to over 90 U.S. dollars per barrel, benefiting producers in the country. In 2023, the price was nearly 76 U.S. dollars per barrel. Oil and gas industry's contributions to U.S. GDP Producing sectors have historically been a major contributor to the country's gross domestic product. However, as technological advancements have strengthened the service industry, the role of producing sectors declined. In 2023, mining (which includes oil and gas extraction) contributed 380.9 billion U.S. dollars to U.S. coffers. This made it the third smallest contributing just sector ahead of utilities and agriculture.

According to a 2025 survey, oil producers operating in the Permian region needed WTI oil prices to amount to a minimum of 61 U.S. dollars per barrel in order to profitably drill a new well. This compared to a minimum breakeven price of 33 U.S. dollars per barrel for existing wells. The monthly average WTI oil price ranged between 68 and 81 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 six million barrels per day - more than five 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.