Crude Oil rose to 64.67 USD/Bbl on June 9, 2025, up 0.13% from the previous day. Over the past month, Crude Oil's price has risen 4.39%, but it is still 16.82% 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.

Brent rose to 67.12 USD/Bbl on June 9, 2025, up 0.98% from the previous day. Over the past month, Brent's price has risen 3.33%, but it is still 17.77% 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 June of 2025.

On June 2, 2025, the Brent crude oil price stood at 64.5 U.S. dollars per barrel, compared to 62.52 U.S. dollars for WTI oil and 65.13 U.S. dollars for the OPEC basket. Crude oil prices were some of the lowest they had been since February 2021.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.

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 April 2025, the average annual price of Brent crude oil stood at 73.89 U.S. dollars per barrel. This is some seven 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.

Urals Oil rose to 60.84 USD/Bbl on June 6, 2025, up 1.06% from the previous day. Over the past month, Urals Oil's price has risen 10.70%, but it is still 13.37% 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.

Heating Oil rose to 2.13 USD/Gal on June 6, 2025, up 1.84% from the previous day. Over the past month, Heating Oil's price has risen 7.87%, but it is still 9.65% 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 June of 2025.

Historical dataset of daily 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 69.76 U.S. dollars per barrel, as of April. This would be seven 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.

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.

Palm Oil rose to 3,925 MYR/T on June 9, 2025, up 0.20% from the previous day. Over the past month, Palm Oil's price has risen 2.88%, and is up 0.20% 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 June of 2025.

Learn about the various factors influencing the price of US crude oil today, including supply and demand dynamics, geopolitical events, economic indicators, and market sentiment. Understand how the COVID-19 pandemic, production decisions by major oil-producing countries, and market fluctuations impact oil prices. Gain insights into the interplay of these factors in the dynamic oil market environment.

Today's crude oil prices in the Asian market exhibited a mixed trend, with Brent crude showing a slight increase and WTI crude experiencing a slight decrease. The prices are influenced by various factors, including global demand, geopolitical tensions, crude oil inventories, OPEC decisions, and currency exchange rates. Traders and investors in the Asian market closely follow these factors to make informed decisions in the volatile and ever-changing crude oil market.

Find out the latest prices of oil stocks, including Brent Crude Oil, WTI Crude Oil, ExxonMobil Corporation (XOM), Chevron Corporation (CVX), and British Petroleum (BP). Learn about the factors influencing oil stock prices such as global oil demand, OPEC production decisions, geopolitical events, and economic indicators. Understand the risks involved in investing in oil stocks and the importance of staying updated on market trends.

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of April. 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.

In April 2025, the average price of one barrel of Brent crude oil was 68.13 U.S. dollars. This was nearly five U.S. dollars below prices the previous month and the lowest value in the past 24-month period as demand for oil was expected to stagnate in the coming months. 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.

Baumeister and Kilian (Journal of Business and Economic Statistics, 2015, 33(3), 338-351) combine forecasts from six empirical models to predict real oil prices. In this paper, we broadly reproduce their main economic findings, employing their preferred measures of the real oil price and other real-time variables. Mindful of the importance of Brent crude oil as a global price benchmark, we extend consideration to the North Sea-based measure and update the evaluation sample to 2017:12. We model the oil price futures curve using a factor-based Nelson-Siegel specification estimated in real time to fill in missing values for oil price futures in the raw data. We find that the combined forecasts for Brent are as effective as for other oil price measures. The extended sample using the oil price measures adopted by Baumeister and Kilian yields similar results to those reported in their paper. Also, the futures-based model improves forecast accuracy at longer horizons.

Snapshot img { margin: 10px !important; } The fuel oil market size will decrease by USD 84.77 billion during 2020-2024. This report provides a detailed analysis of the market by application (marine, industrial, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BP Plc, Chevron Corp., Exxon Mobil Corp., JXTG Holdings Inc., PJSC LUKOIL, PT Pertamina(Persero), Qatar Petroleum, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK Innovation Co. Ltd.

Market Overview

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Market Competitive Analysis

The fuel oil market is fragmented with numerous vendors that produce and supply fuel oil to customers. Vendors need to make high capital investments to remain competitive in the market. BP Plc, Chevron Corp., and Exxon Mobil Corp. are some of the major market participants. Although the rise in world energy demand will offer immense growth opportunities, the fluctuations in crude oil prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this fuel oil market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this fuel oil market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

BP Plc
Chevron Corp.
Exxon Mobil Corp.
JXTG Holdings Inc.
PJSC LUKOIL
PT Pertamina(Persero)
Qatar Petroleum
Reliance Industries Ltd.
Royal Dutch Shell Plc
SK Innovation Co. Ltd.

Fuel Oil Market: Segmentation by Application

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The primary requirement of any marine engine is to propel the ship or generate onsite power by using the energy obtained from burning fuel oil. The mega marine engines of ships burn tons of fuel every day to propel the massively loaded ships. The rise in demand for bunker fuel oil due to the growing seaborne trade and growing naval activities will drive the demand for fuel oil for marine.

However, market growth in this segment will be slower than the growth of the market in the industrial and other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the fuel oil market size.

Fuel Oil Market: Segmentation by Geography

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North America will offer several growth opportunities to market vendors during the forecast period. The strong consumption of space heating fuel, growing refinery capacity, and proliferating marine trade will significantly influence fuel oil market growth in this region over the forecast period. The US is a key market for fuel oil in North America.

Fuel Oil Market: Key Drivers and Trends

The fluctuation in oil prices has affected the business of several oil and gas companies and refinancing companies. As a result, crude oil processing projects generate less revenue and many oil and gas companies suspend or postpone their exploration and production projects. Fluctuations in crude oil prices also impact investments in E&P and refining projects. Such factors will result in a slowdown in the growth of the global fuel oil market during the forecast period.

The adoption of blockchain in the oil and gas industry helps in overcoming several issues including the complexity of logistics, high fuel prices, and environmental pollution. Blockchain platforms facilitate secure and faster transactions between the entities and maintain transparency. Blockchain also helps in reducing cash cycle time and intermediary costs. These benefits will result in an increase in the adoption of blockchain to enhance the overall operational efficiency of the existing refineries. As a result of such factors, the fuel oil market will register a CAGR of (13)% during the forecast period.

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Fuel Oil Market: Key Highlights of the Report for 2020-2024

CAGR of the market

Crude Oil Price: Anoa data was reported at 64.820 USD/Barrel in Jul 2019. This records an increase from the previous number of 64.770 USD/Barrel for Jun 2019. Crude Oil Price: Anoa data is updated monthly, averaging 74.410 USD/Barrel from Jan 2006 (Median) to Jul 2019, with 163 observations. The data reached an all-time high of 140.070 USD/Barrel in Jul 2008 and a record low of 29.570 USD/Barrel in Jan 2016. Crude Oil Price: Anoa 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.

Crude Oil Price: Kerapu data was reported at 64.490 USD/Barrel in Jul 2019. This records an increase from the previous number of 63.910 USD/Barrel for Jun 2019. Crude Oil Price: Kerapu data is updated monthly, averaging 73.580 USD/Barrel from Jan 2006 (Median) to Jul 2019, with 163 observations. The data reached an all-time high of 139.520 USD/Barrel in Jul 2008 and a record low of 30.100 USD/Barrel in Jan 2016. Crude Oil Price: Kerapu 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.