The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 73.64 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which stood at 73.64 U.S. dollars per barrel. 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.

Crude Oil decreased 2.12 USD/BBL or 2.95% since the beginning of 2025, 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 March of 2025.

On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.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.

Brent decreased 0.64 USD/BBL or 0.85% since the beginning of 2025, 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 March of 2025.

United States - Spot Crude Oil Price: West Texas Intermediate (WTI) was 71.53000 $ per Barrel in February of 2025, according to the United States Federal Reserve. Historically, United States - Spot Crude Oil Price: West Texas Intermediate (WTI) reached a record high of 133.93000 in June of 2008 and a record low of 1.17000 in February of 1946. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Spot Crude Oil Price: West Texas Intermediate (WTI) - last updated from the United States Federal Reserve on March of 2025.

The average spot price for West Texas Intermediate crude oil came to 76.63 U.S. dollars per barrel in 2024, a decrease of nearly one U.S. dollars compared to the previous year. The 2024 average spot price for Brent crude oil was 80.52 U.S. dollars. Both Brent and WTI are light crude oils, with the first used as a benchmark for gasoline prices around the world. Spot prices vs. future prices Spot prices refer to current market prices under which a commodity such as one barrel of crude oil may be bought for immediate delivery. In contrast, future prices refer to settlement and delivery at a later date. As a major refinery and storage hub, Cushing in Oklahoma is the delivery location for WTI traded via the New York Mercantile Exchange. When storage capacities threatened to reach their maximum capacity in April 2020, the WTI oil price crashed as a result, trading at record low prices. The WTI oil price fell into negative numbers for the first time in its history, closing out at negative 37.63 U.S. dollars per barrel on April 20th. The lowest value for Brent prices was 19.33 U.S. dollars per barrel. Influences on oil prices Oil prices are volatile commodities as their trading and delivery is heavily influenced by overall market development and geopolitical events. For example, the Russia-Ukraine war and resulting Russian sanctions brought about fears of supply bottlenecks, which pushed oil prices to decade-highs also reflected in the 2022 annual average.

Have timely access to reliable Crude Oil price assessments in United States:

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Each assessment includes Crude Oil price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

Crude Oil price assessments for United States and up to 32 other countries are part of Intratec Energy Price References. Subscribe and access now current prices of key energy commodities worldwide.

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

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.

The article provides an overview of the factors affecting the price of crude oil in the international market, including global demand, geopolitical events, production levels, and economic indicators. It highlights the significance of benchmarks such as Brent Crude and West Texas Intermediate (WTI) and the role of OPEC in influencing oil prices. The article also explores the impact of global events, geopolitical tensions, and the COVID-19 pandemic on oil prices. It emphasizes the importance of referring to r

Commodity Prices: Avg: Crude Oil: WTI data was reported at 71.250 USD/Barrel in Feb 2025. This records a decrease from the previous number of 75.140 USD/Barrel for Jan 2025. Commodity Prices: Avg: Crude Oil: WTI data is updated monthly, averaging 34.300 USD/Barrel from May 1983 (Median) to Feb 2025, with 502 observations. The data reached an all-time high of 133.930 USD/Barrel in Jun 2008 and a record low of 11.300 USD/Barrel in Dec 1998. Commodity Prices: Avg: Crude Oil: WTI data remains active status in CEIC and is reported by Central Bank of Chile. The data is categorized under Global Database’s Chile – Table CL.P005: Crude Oil Price. [COVID-19-IMPACT]

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• Crude Oil (WTI), spot price, dap, Rotterdam

Each assessment includes Crude Oil price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

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The EIA WTI oil price refers to the price of crude oil that is traded on the New York Mercantile Exchange (NYMEX) and is used as a benchmark in determining the prices of other types of crude oil worldwide. This article explores the characteristics of WTI crude oil, its role as a key pricing mechanism, and the importance of the EIA (Energy Information Administration) in providing data and reports on the oil market. It also highlights the factors influencing the price of WTI crude oil and how it is used by ma

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.

During the last quarter of 2024, the crude oil prices in the United States reached 61 USD/MT in December. The market saw changes in policy and supply chain interruptions influencing price fluctuations. Due to supply limitations after Libyan production halted and hurricane-related damage in the Gulf of Mexico, oil prices briefly increased in October.

Explore IMARC's latest publication, “Crude Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” presents a detailed examination of the crude oil market, providing insights into both global and regional trends that are shaping prices.

Graph and download economic data for Crude Oil Prices: Brent - Europe from 1987-05-15 to 2025-03-14 about crude, oil, Europe, commodities, and price.

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• Crude Oil (sour), import spot price, cif, Indonesia

Each assessment includes Crude Oil price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

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• Crude Oil, import spot price, cif, Taiwan

Each assessment includes Crude Oil price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

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As of February 2025, the average annual price of Brent crude oil stood at 77.36 U.S. dollars per barrel. This is some three 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.

The WTI (West Texas Intermediate) oil futures price chart provides historical price data for WTI crude oil futures contracts. It offers insights into market trends, volatility, and allows users to analyze the data using technical indicators. Traders can identify patterns and opportunities, monitor support and resistance levels, and compare oil prices to other financial instruments or indices.