The preliminary 2024 OPEC oil price stood at 83.64 U.S. dollars per barrels, as of May. This would be higher than the 2023 average, which amounted to 82.95 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 2020 fall in prices was the result of a significant decline in transportation fuel demand and weakened economic prospects during the coronavirus pandemic.

Brent increased 8.26 USD/BBL or 10.72% since the beginning of 2024, 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 2024.

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 Crude Oil Prices: Brent - Europe from May 1987 to Jun 2024 about crude, oil, Europe, commodities, and price.

Crude Oil Price: Arbei data was reported at 79.240 USD/Barrel in Jun 2024. This records a decrease from the previous number of 79.800 USD/Barrel for May 2024. Crude Oil Price: Arbei data is updated monthly, averaging 80.580 USD/Barrel from Oct 2022 (Median) to Jun 2024, with 21 observations. The data reached an all-time high of 91.990 USD/Barrel in Sep 2023 and a record low of 70.370 USD/Barrel in Jun 2023. Crude Oil Price: Arbei data remains active status in CEIC and is reported by Directorate General of Oil and Gas. The data is categorized under Indonesia Premium Database’s Energy Sector – Table ID.RBH003: Crude Oil Price.

Graph and download economic data for Global price of Brent Crude (POILBREUSDQ) from Q1 1990 to Q2 2024 about crude, oil, World, and price.

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.

The latest price of crude oil WTI per barrel in the US at the quarter ending December 2023 was USD 73.01 barrel. In the US, the crude oil prices have been bearish due to the mounted inventory levels, inadequate demand, and uncertainty surrounding OPEC+ policies. Furthermore, the easing of US sanctions on Venezuela has initiated several opportunities for Indian refiners to access economical crude oil, potentially reshaping their import landscape.

Crude Oil Prices December 2023

Explore IMARC’s newly published report, titled Crude Oil Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data, offers an in-depth analysis of crude oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

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

Switzerland Brent Crude Oil Price data was reported at 75.710 USD/Barrel in Oct 2018. This records a decrease from the previous number of 82.790 USD/Barrel for Sep 2018. Switzerland Brent Crude Oil Price data is updated monthly, averaging 25.785 USD/Barrel from Jan 1970 (Median) to Oct 2018, with 586 observations. The data reached an all-time high of 139.390 USD/Barrel in Jun 2008 and a record low of 2.230 USD/Barrel in Dec 1970. Switzerland Brent Crude Oil Price data remains active status in CEIC and is reported by Swiss National Bank. The data is categorized under Global Database’s Switzerland – Table CH.P002: Fuel Prices.

United States - Spot Crude Oil Price: West Texas Intermediate (WTI) was 80.12000 $ per Barrel in May of 2024, 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 July of 2024.

Crude Oil Price: Madura data was reported at 63.130 USD/Barrel in Jul 2019. This records an increase from the previous number of 62.880 USD/Barrel for Jun 2019. Crude Oil Price: Madura data is updated monthly, averaging 72.170 USD/Barrel from Jan 2006 (Median) to Jul 2019, with 163 observations. The data reached an all-time high of 135.400 USD/Barrel in Jul 2008 and a record low of 27.490 USD/Barrel in Jan 2016. Crude Oil Price: Madura 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: Camar data was reported at 63.380 USD/Barrel in Jul 2019. This records an increase from the previous number of 63.130 USD/Barrel for Jun 2019. Crude Oil Price: Camar data is updated monthly, averaging 72.420 USD/Barrel from Jan 2006 (Median) to Jul 2019, with 163 observations. The data reached an all-time high of 135.650 USD/Barrel in Jul 2008 and a record low of 27.740 USD/Barrel in Jan 2016. Crude Oil Price: Camar 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.

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 July of 2024.

Crude oil price datasets provide valuable information about the pricing trends of crude oil over a given period. Learn about the structure of these datasets and how they are used for financial analysis, economic analysis, trading, and forecasting. Find out where to obtain crude oil price datasets and how they can be used to assess market risks and make informed decisions.

Here's the layout of the Excel file:

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http://i.imgur.com/AVw132x.png" alt="Spot prices for Crude, 2016">

Crude Oil

WTI - Cushing, Oklahoma (1986 - 2016)

Brent - Europe (1987 - 2016)

Conventional Gasoline

New York Harbor, Regular (1986 - 2016)

U.S. Gulf Coast, Regular (1986 - 2016)

RBOB Regular Gasoline

Los Angeles (2003 - 2016)

No. 2 Heating Oil

New York Harbor (1986 - 2016)

Ultra-Low-Sulfur No. 2 Diesel Fuel

New York Harbor (2006 - 2016)

U.S. Gulf Coast (2006 - 2016)

Los Angeles ((1986 - 2016)

Propane

Mony Belvieu, Texas (1992 - 2016)

Source: U.S. Energy Information Administration

Definitions, Sources and Explanatory Notes

Daily Brent Crude Oil Spot Prices (FOB in dollars per barrel) from the Energy Information Administration

Crude Oil Mean Price: By Region: Europe data was reported at 52.740 USD/Barrel in Feb 2019. This records an increase from the previous number of 47.930 USD/Barrel for Jan 2019. Crude Oil Mean Price: By Region: Europe data is updated monthly, averaging 36.875 USD/Barrel from Jan 1993 (Median) to Feb 2019, with 314 observations. The data reached an all-time high of 112.650 USD/Barrel in Jan 2012 and a record low of 7.800 USD/Barrel in Jun 1998. Crude Oil Mean Price: By Region: Europe data remains active status in CEIC and is reported by Petroleos Mexicanos. The data is categorized under Global Database’s Mexico – Table MX.P001: Crude Oil Price.