Crude Oil rose to 62.65 USD/Bbl on October 1, 2025, up 0.45% from the previous day. Over the past month, Crude Oil's price has fallen 4.48%, and is down 10.63% compared to the same time last year, 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 October of 2025.

As of July 2025, the average annual price of Brent crude oil stood at 71.79 U.S. dollars per barrel. This is over 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 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.

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.

On September 29, 2025, the Brent crude oil price stood at 66.8 U.S. dollars per barrel, compared to 63.45 U.S. dollars for WTI oil and 70.48 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.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 global 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 (where a contract is agreed upon while 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.

Brent rose to 66.20 USD/Bbl on October 1, 2025, up 0.26% from the previous day. Over the past month, Brent's price has fallen 4.25%, and is down 10.42% 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 October of 2025.

View monthly updates and historical trends for Average Crude Oil Spot Price. Source: World Bank. Track economic data with YCharts analytics.

In July 2025, the average price of one barrel of Brent crude oil was 71.04 U.S. dollars. This was relatively unchanged from the previous month and 14 U.S. dollars below July 2024 prices. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past 20 years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.53 U.S. dollars in 2024.

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.

Urals Oil fell to 63.04 USD/Bbl on September 29, 2025, down 4.33% from the previous day. Over the past month, Urals Oil's price has risen 1.19%, but it is still 5.12% 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 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of July. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Brent Crude Oil Price: EA: Forward: 1 Month data was reported at 72.079 EUR/Barrel in Mar 2025. This records an increase from the previous number of 69.734 EUR/Barrel for Dec 2024. Brent Crude Oil Price: EA: Forward: 1 Month data is updated quarterly, averaging 34.532 EUR/Barrel from Sep 1985 (Median) to Mar 2025, with 159 observations. The data reached an all-time high of 103.376 EUR/Barrel in Jun 2022 and a record low of 9.999 EUR/Barrel in Dec 1998. Brent Crude Oil Price: EA: Forward: 1 Month data remains active status in CEIC and is reported by European Central Bank. The data is categorized under Global Database’s European Union – Table EU.P005: European Central Bank: Crude Oil Price. [COVID-19-IMPACT]

The production cost of one barrel of crude oil varies depending on several factors such as location, extraction method, reservoir complexity, and market conditions. This article provides an overview of the major components contributing to the production cost, including exploration and drilling, extraction, processing and refining, transportation, and taxes. It emphasizes the variability of production costs between different oil fields and regions, and highlights the impact of production costs on profitabili

One barrel of crude oil produces up to **** gallons of oil products. Gasoline is the most produced oil product, accounting for **** gallons, followed by diesel and heating oil. The volume of one barrel of crude oil is ** gallons.

Lubricants demand Lubricants account for a lesser volume of products produced from one barrel of crude oil. Nonetheless, they are of growing importance as the world increasingly relies on machinery on a daily basis. The automotive and industrial sectors especially have a high demand for such products in order to operate smoothly. Lubricants demand worldwide is forecast to continuously increase over the next few years and estimated to climb to over ** million metric tons by 2028. As of 2020, the United States and China had the largest lubricants market volume.

Global crude oil status quo The U.S. and China are also by far the countries with the highest oil consumption overall. Since 2006, daily global crude oil demand has increased in almost every year. The only exception was 2020, when travel restrictions and lockdowns due to the coronavirus pandemic brought about a decline in fuel demand. Although many governments are seeking to reduce fossil fuel reliance, oil demand is expected to grow further in the next years.

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-09-22 about crude, oil, Europe, commodities, and price.

The cost of refining crude oil per barrel can vary depending on various factors such as the type of crude oil, the complexity of the refinery, location, and market conditions. This article explores the main factors that affect the cost of refining and provides insights into the average range of $3 to $5 per barrel. However, it emphasizes that actual costs can differ significantly due to specific circumstances.

Russia Average World Price: Crude Oil: Urals: per 1 Barrel: Mid Month data was reported at 61.703 USD/Barrel in Jan 2019. This records an increase from the previous number of 55.945 USD/Barrel for Dec 2018. Russia Average World Price: Crude Oil: Urals: per 1 Barrel: Mid Month data is updated monthly, averaging 52.394 USD/Barrel from Feb 2016 (Median) to Jan 2019, with 36 observations. The data reached an all-time high of 81.063 USD/Barrel in Sep 2018 and a record low of 28.385 USD/Barrel in Feb 2016. Russia Average World Price: Crude Oil: Urals: per 1 Barrel: Mid Month data remains active status in CEIC and is reported by Ministry of Economic Development of the Russian Federation. The data is categorized under Russia Premium Database’s Prices – Table RU.PC002: Average World Prices, Crude Oil Export Price, Crude Oil Export Duty. Since April 1, 2013 Ministry of Economic Development is the responsible federal organ for monitoring the world Urals prices fluctuations. They use daily prices (purchase and sale) for oil published by Argus Media Limited and calculate arithmetic average for all daily prices, rounded to the 5th decimal place. The monitoring period is from the 15th day of each calendar month to the 14th day of the following calendar month. С 1 апреля 2013 года Министерство экономического развития Российской Федерации уполномоченным федеральным органом исполнительной власти, осуществляющим мониторинг цен на нефть сырую марки 'Юралс' (купли-продажи) на мировых рынках нефтяного сырья (средиземноморском и роттердамском). Они используют дневные цены (купли-продажи) на нефть, опубликованные 'Аргус Медиа Лимитед', и вычисляют среднее арифметическое для всех суточных цен, округленное до пятого знака после запятой. Периодом мониторинга является период с 15-го числа каждого календарного месяца по 14-е число следующего календарного месяца.

View market daily updates and historical trends for WTI Crude Oil Spot Price. Source: Energy Information Administration. Track economic data with YCharts …

View market daily updates and historical trends for Brent Crude Oil Spot Price. Source: Energy Information Administration. Track economic data with YChart…

On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

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