Crude Oil rose to 70.07 USD/Bbl on July 31, 2025, up 0.09% from the previous day. Over the past month, Crude Oil's price has risen 7.05%, but it is still 8.18% 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.

As of June 2025, the average annual price of Brent crude oil stood at 71.91 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.

Brent fell to 71.82 USD/Bbl on July 31, 2025, down 0.90% from the previous day. Over the past month, Brent's price has risen 7.02%, but it is still 9.69% lower than a year ago, 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.

On July 28, 2025, the Brent crude oil price stood at 69.68 U.S. dollars per barrel, compared to 66.71 U.S. dollars for WTI oil and 70.98 U.S. dollars for the OPEC basket. Brent and OPEC prices rose slightly that week, while WTI prices fell.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 (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.

This dataset contains information about world's crude oil prices for 1861-2020. Data from BP. Follow datasource.kapsarc.org for timely data to advance energy economics research.Notes: 1861-1944 US Average 1945-1983 Arabian Light posted at Ras Tanura 1984-2016 Brent dated. $2020 (deflated using the Consumer Price Index for the US

Heating Oil rose to 2.42 USD/Gal on July 31, 2025, up 0.38% from the previous day. Over the past month, Heating Oil's price has risen 3.79%, and is up 0.23% compared to the same time last year, 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.

Urals Oil rose to 65.21 USD/Bbl on July 28, 2025, up 0.77% from the previous day. Over the past month, Urals Oil's price has risen 2.76%, but it is still 13.12% 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.

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-07-21 about crude, oil, Europe, commodities, and price.

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.

Graph and download economic data for Global price of WTI Crude (POILWTIUSDM) from Jan 1990 to Jun 2025 about WTI, crude, oil, World, and price.

WTI oil prices in , June, 2025 For that commodity indicator, we provide data from January 1982 to June 2025. The average value during that period was 46.23 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

Get the latest insights on price movement and trend analysis of Crude Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Europe Brent and WTI (Western Texas Intermediate) Spot Prices (Annual/ Monthly/ Weekly/ Daily) from EIA U.S. (Energy Information Administration).

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The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 68.23 U.S. dollars per barrel as of June. This would be eight U.S. dollars below the 2024 average and the lowest annual average since 2021. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

In June 2025, the average price of one barrel of Brent crude oil was 71.44 U.S. dollars. This was around seven U.S. dollars more than prices the previous month, which were the lowest value in the past 24-month period. 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.

Palm Oil fell to 4,276 MYR/T on July 25, 2025, down 1.25% from the previous day. Over the past month, Palm Oil's price has risen 6.58%, and is up 8.50% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil - values, historical data, forecasts and news - updated on July of 2025.

This dataset contains information about world's spot oil prices for 1972-2020. Data from BP. Follow datasource.kapsarc.org for timely data to advance energy economics research. Notes:
* 1972 - 1985 Arabian Light, 1986 - 2020 Dubai dated.

† 1976 -1983 Forties, 1984 -2020 Brent dated.‡ 1976 -1983 Posted WTI prices, 1984 - 2020 Spot WTI (Cushing) prices.

Why did the Crude Oil Price Change in July 2025? Crude oil prices declined by 10.2 on % quarter-on-quarter basis. Prices have declined in April and May; however, in June, crude oil prices rebounded to settle at WTI at USD 68.04/barrel by the last week of June—the highest since January.

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.

Oil shocks exert influence on macroeconomic activity through various channels, many of which imply a symmetric effect. However, the effect can also be asymmetric. In particular, sharp oil price changes "either increases or decreases" may reduce aggregate output temporarily because they delay business investment by raising uncertainty or induce costly sectoral resource reallocation. Consistent with these asymmetric-effect hypotheses, the authors find that a volatility measure constructed using daily crude oil futures prices has a negative and significant effect on future gross domestic product (GDP) growth over the period 1984-2004. Moreover, the effect becomes more significant after oil price changes are also included in the regression to control for the symmetric effect. The evidence here provides economic rationales for Hamilton's (2003) nonlinear oil shock measure: It captures overall effects, both symmetric and asymmetric, of oil price shocks on output.