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.

API Crude Oil Stock Change in the United States decreased to -4.60 BBL/1Million in March 21 from 4.59 BBL/1Million in the previous week. This dataset provides - United States API Crude Oil Stock Change- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The US crude oil stocks chart provides a visual representation of the levels of crude oil inventories in the United States. It is closely monitored by global oil markets as fluctuations in oil stocks can have a significant impact on oil prices. The chart is published by the US Energy Information Administration (EIA) and displays a time series of crude oil inventories. Traders, investors, and analysts use the chart to identify trends and patterns that could influence the oil market. It is an essential tool f

Canada is the main source country for petroleum imported into the United States. In 2023, the United States imported around 4.4 million barrels of petroleum per day from its northern neighbor. Oil trading with Canada increased more quickly in the 2010s when strides made in unconventional oil extraction allowed for the large-scale mining of oil sands. By comparison, petroleum trading with Venezuela notably declined. The U.S. did not purchase any crude oil or oil products from Venezuela in recent years, while it had bought over one million barrels per day between 1990 and 2005. Crude oil reserves As of 2020, global crude oil reserves were estimated to be around 1.7 trillion barrels. This is the amount of oil that can be extracted in the future under current economic and operating conditions. Most of the proved oil reserves in the world are found in the Middle East, although the share of proved reserves in Central and South America has increased the most since the 1990s. Uses of petroleum Petroleum is a versatile raw material that can be refined into transportation fuels or used as a feedstock within the petrochemical industry. Gasoline is the most commonly produced petroleum product. U.S. refinery production of conventional motor gasoline reached 1.4 million barrels per day in 2021. Most refineries in the U.S. are located on the Gulf Coast close to productive oil basins such as the Permian and ports for shipping.

Stocks of crude oil in the United States increased by 1.75million barrels in the week ending March 14 of 2025. This dataset provides the latest reported value for - United States Crude Oil Stocks Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

US crude oil trading refers to the buying and selling of crude oil in the United States commodity market. Find out how the market operates, the key participants involved, and the factors that influence the price of crude oil. Discover the trading strategies, including futures and options contracts, and the risks and rewards of engaging in crude oil trading.

The United States imported 2.37 billion barrels of crude oil from other countries. It was the first time since 2017 that figures had increased. The peak was recorded in 2005, at nearly 3.7 billion barrels.

In February 2025, the price for one barrel of West Texas Intermediate (WTI) crude oil averaged 71.53 U.S. dollars. This was a decrease compared to the previous month amid continued weak demand outlooks and expectations for production increases. 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.

US crude oil trading time refers to the time period during which crude oil futures contracts are traded on US commodity exchanges. Find out more about the trading hours, sessions, and the importance of these hours in determining the price of oil.

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.

Crude Oil Production in the United States increased to 13491 BBL/D/1K in December from 13396 BBL/D/1K in November of 2024. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

U.S. crude oil inventories increased significantly, while gasoline and distillate stocks fell, according to the latest EIA report. Learn about the market impacts.

The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 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 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

The US crude oil price chart live is a valuable tool for monitoring the real-time price of crude oil in the United States. It provides market participants with crucial information to assess market conditions, make trading decisions, and understand the broader economic implications of oil price fluctuations.

United States - Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma was 108.50000 $ per Barrel in March of 2022, according to the United States Federal Reserve. Historically, United States - Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma reached a record high of 133.88000 in June of 2008 and a record low of 11.35000 in December of 1998. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma - last updated from the United States Federal Reserve on March of 2025.

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.

US Oil And Gas Upstream Market size was valued at USD 923.44 Million in 2024 and is projected to reach USD 1094.75 Million by 2032, growing at a CAGR of 2.15% from 2026 to 2032.

Key Market Drivers

Growing Domestic Oil Production and Energy Independence: The United States has greatly increased its oil and gas production capacity, hence boosting its position in global energy markets. According to the Energy Information Administration (EIA), US crude oil output hit a new high of 13.3 million barrels per day in 2023, a 32% increase from 2018. According to the US Department of Energy, domestic oil output has reduced petroleum imports by 65% since 2010, and the US became a net energy exporter in 2020, exporting an average of 3.6 million barrels of petroleum products per day in 2023.

Technological Advancements in Drilling and Extraction: Advanced drilling technologies and improved extraction procedures have greatly increased production efficiency.

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.

U.S. Oil and Gas Midstream Market size was valued at USD 10.0 Billion in 2024 and is projected to reach USD 14.77 Billion by 2031, growing at a CAGR of 5.0% from 2024 to 2031.

The U.S. Oil and Gas Midstream Market is driven by several factors, including increasing domestic oil and gas production, growing demand for natural gas, and the development of shale resources. The expansion of pipeline infrastructure, particularly for transporting natural gas and crude oil, is further fueling market growth. Additionally, the rise of liquefied natural gas (LNG) exports and the increasing focus on energy security are driving the need for efficient midstream solutions. However, the market faces challenges such as fluctuating commodity prices, environmental regulations, and the transition towards renewable energy sources.