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.

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

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 68.24 U.S. dollars per barrel, as of May. 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.

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.

Interactive chart showing the monthly closing price for No. 2 Heating Oil: New York Harbor since 1986. The prices shown are in U.S. dollars.

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

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

This statistic represents the New York Harbor No. 2 heating oil spot prices between 1990 and 2016. In 1990, the price for New York Harbor No.2 heating oil came to 0.69 U.S. dollars per gallon. All prices are Free On Board prices*.

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.

Ecuador Crude Oil: Price: Average: Napo data was reported at 51.782 USD/Barrel in Jun 2019. This records a decrease from the previous number of 56.970 USD/Barrel for May 2019. Ecuador Crude Oil: Price: Average: Napo data is updated monthly, averaging 64.383 USD/Barrel from Jan 2010 (Median) to Jun 2019, with 114 observations. The data reached an all-time high of 112.380 USD/Barrel in Mar 2012 and a record low of 16.377 USD/Barrel in Feb 2016. Ecuador Crude Oil: Price: Average: Napo 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.

In 2040, the nominal price of the OPEC reference basket oil is expected to reach 155 U.S. dollars. The nominal price is an unadjusted number, without taking elements such as inflation, seasonality, loan fees, interest compounding into account.

Prices rising and recovering

The “real price” (in 2015 U.S. dollars) of oils in the OPEC reference basket is projected to more than double from 2016 to 2040. While the average annual OPEC crude oil price was at the lowest point in over a decade in 2016 and had room to recover, real 2015 prices are not expected to reach the high levels of the early 2010s over the next twenty years.

Turbulence in the 2010s

As oil prices fluctuated heavily during the 2008 financial crisis, the United States sought to decrease reliance on imports from OPEC countries and invested in domestic oil production to keep up with high demand at lower cost. The subsequent development of hydraulic fracturing enabled extraction of shale oil in the United States and brought a surge in production, causing a global oversupply by 2014, known as the 2010s oil glut.

An overview of the crude oil price trends from 2016 to 2021, highlighting the factors influencing fluctuations and their impact on the global economy.

Ecuador Crude Oil: Price: Average: Oriente & Napo data was reported at 55.342 USD/Barrel in Jun 2019. This records a decrease from the previous number of 60.840 USD/Barrel for May 2019. Ecuador Crude Oil: Price: Average: Oriente & Napo data is updated monthly, averaging 67.265 USD/Barrel from Jan 2010 (Median) to Jun 2019, with 114 observations. The data reached an all-time high of 112.454 USD/Barrel in Mar 2012 and a record low of 21.744 USD/Barrel in Jan 2016. Ecuador Crude Oil: Price: Average: Oriente & Napo 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.

Learn about the significant fluctuations in crude oil prices over the past 20 years, influenced by factors such as supply and demand dynamics, geopolitical tensions, economic growth, and market speculation. Explore the historic highs and lows, the impact of the global financial crisis, the downturn in 2014-2016, the signs of recovery since 2016, and how the COVID-19 pandemic disrupted the oil market.

In May 2025, the price for one barrel of West Texas Intermediate (WTI) crude oil averaged 62.17 U.S. dollars. This was a decrease compared to the previous month and the lowest figure in the past 24-month period amid continued weak demand outlooks. WTI and other benchmark crudes WTI is also known as "Texas light sweet", and is a grade of crude oil used as a benchmark for oil produced in the United States. It has an API gravity of around 39.6 and specific gravity of about 0.827, which, relative to other crude oils, is considered “light,” hence the name. WTI also contains about 0.24 percent sulfur, making it a “sweet” crude oil. The price of WTI can be compared to the prices other of crude oils, i.e. UK Brent, the OPEC basket, and Dubai Fateh oil. WTI crude oil is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. U.S. oil production and its influence on light oil prices The price development of WTI crude oil relative to Brent crude oil has been influenced by variances in U.S. crude oil transportation and increased U.S. oil production. New transportation infrastructure became operational in early 2013, easing the movement of crude oil in the mid-continent and raising the price of WTI. Since then, U.S. refineries have increased production of crude oil to record levels, also raising the price of WTI. Meanwhile, expedited crude transport in the U.S. put downward pressure on Brent crude oil as domestic crude replaced some imported Brent crude. Between 2014 and 2016, UK Brent prices dropped rapidly, as was the case for all other crude oils.

Context

Abstract of associated article: This paper contributes to the debate on the role of oil prices in predicting stock returns. The novelty of the paper is that it considers monthly time-series historical data that span over 150years (1859:10–2013:12) and applies a predictive regression model that accommodates three salient features of the data, namely, a persistent and endogenous oil price, and model heteroscedasticity. Three key findings are unraveled: first, oil price predicts US stock returns. Second, in-sample evidence is corroborated by out-sample evidence of predictability. Third, both positive and negative oil price changes are important predictors of US stock returns, with negative changes relatively more important. Our results are robust to the use of different estimators and choice of in-sample periods.

Acknowledgements

Narayan, Paresh K. (2016), “Data for: Has oil price predicted stock returns for over a century? ”, Mendeley Data, V1, doi: 10.17632/7s446mxhyv.1

License - CC by NC 3.0

The price of US barrel oil, also known as West Texas Intermediate (WTI) crude oil, has historically fluctuated due to geopolitical events, supply and demand dynamics, OPEC decisions, and global economic conditions. This article explores the historical trends of US oil prices, from its record high of $147 per barrel in 2008 to its low of $26 per barrel in 2016, and its current standing at around $70 per barrel. Learn about the factors that influence oil prices and their impact on the global economy and geopo

This statistic shows the estimated breakeven oil prices for 2016 in Middle Eastern and Northern African countries, in U.S. dollars per barrel, based on imports. In that year, the breakeven oil price based on imports in Libya was some ****** U.S. dollars.

Breakeven oil prices A breakeven oil price is the price at which oil must be sold in order to recover the costs associated with its production. With the recent downturn in the global oil industry, breakeven oil prices are an important measure of an oil extractor's ability to remain profitable. Breakeven oil prices vary greatly throughout the world due to the widely differing costs associated with extracting different types of oil, the unique circumstances associated with oil extraction in different oil-producing regions, and so on.

In times of economic downturn, oil resources with higher breakeven costs are the first to be discontinued. Unconventional oil resources, such as oil sands and shale oil, are more expensive to produce than conventional oil, and therefore suffer when oil prices drop. Since the oil glut began in 2014, even conventional oil deposits that are more expensive to extract are decreasing production. This has lead to significant economic impacts in places where the economy is closely tied to oil, such as Venezuela, which has oil sands deposits in addition to conventional oil resources. While oil prices have increased slightly since a record low in January 2016, it is uncertain how long it will take for oil prices to recover more substantially, if at all.

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