On April 8, 2024, the Brent crude oil price stood at 90.52 U.S. dollars per barrel, compared to 86.43 U.S. dollars for WTI oil and 90.29 U.S. dollars for the OPEC basket. 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. The increase noted in April 2024 comes amid growing geopolitical tensions in the Middle East and production cuts by the OPEC. 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 conclusion 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.

Get the latest insights on price movement and trend analysis of Crude Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Brent increased 13.83 USD/BBL or 17.95% 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 April of 2024.

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2024-03-28 about crude, oil, Europe, commodities, and price.

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.

The preliminary 2024 OPEC oil price stood at 80.6 U.S. dollars per barrels, as of February. This would be lower 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.

Crude Oil Price: Cinta data was reported at 60.770 USD/Barrel in Jul 2019. This records an increase from the previous number of 60.670 USD/Barrel for Jun 2019. Crude Oil Price: Cinta data is updated monthly, averaging 70.000 USD/Barrel from Jan 2006 to Jul 2019, with 163 observations. The data reached an all-time high of 131.460 USD/Barrel in Jul 2008 and a record low of 26.460 USD/Barrel in Jan 2016. Crude Oil Price: Cinta 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: Bula data was reported at 60.450 USD/Barrel in Jul 2019. This records an increase from the previous number of 60.350 USD/Barrel for Jun 2019. Crude Oil Price: Bula data is updated monthly, averaging 66.150 USD/Barrel from Jan 2006 to Jul 2019, with 163 observations. The data reached an all-time high of 125.420 USD/Barrel in Mar 2012 and a record low of 24.370 USD/Barrel in Jan 2016. Crude Oil Price: Bula 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.

Oil price dataset refers to a collection of historical data that captures the prices of crude oil or petroleum products over a specific period. This dataset is valuable for various stakeholders, including economists, financial analysts, traders, and policy-makers, as it provides insights into trends, fluctuations, and market dynamics.

Graph and download economic data for Spot Crude Oil Price: West Texas Intermediate (WTI) (WTISPLC) from Jan 1946 to Mar 2024 about WTI, crude, oil, price, and USA.

Question 2.1.1d: Is the data contained in the online data portal available under an open license?, 1.2.1a: Does the government publicly disclose data on the volume of extractive resource production?, 1.2.1c: Is the data disclosed on the volume of extractive resource production machine-readable?, 2.1.1a: Does the government have an online data portal containing publicly available data on reserves, production and exports?

Graph and download economic data for Global price of Brent Crude (POILBREUSDQ) from Q1 1990 to Q4 2023 about crude, oil, World, and price.

Learn about the factors that influence crude oil prices and the importance of these prices in the global economy. Explore the benchmark prices, such as Brent crude and West Texas Intermediate, and understand how supply and demand, geopolitical events, production costs, and market speculation affect the price of crude oil. Discover the impact of crude oil prices on inflation, energy costs, investment opportunities, and as macroeconomic indicators.

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

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.

Explore the volatility of crude oil prices over the past two years, influenced by factors such as supply and demand dynamics, geopolitical tensions, and the COVID-19 pandemic. Discover the significant drops and subsequent recoveries, as well as the impact of global economic trends on the industry.

The average annual price of Brent crude oil stood at 81.8 U.S. dollars per barrel in 2024. This is according to preliminary data from February. This is nearly 20 U.S. dollars lower than the 2022 annual average, when an energy supply shortage and concerns over fallout from the Russia-Ukraine war saw prices surge. 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 mean 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 77.58 U.S. dollars per barrel in 2023.

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 April of 2024.

Crude Oil Price: Lalang data was reported at 62.030 USD/Barrel in Jul 2019. This records an increase from the previous number of 61.890 USD/Barrel for Jun 2019. Crude Oil Price: Lalang data is updated monthly, averaging 73.460 USD/Barrel from Jan 2006 to Jul 2019, with 163 observations. The data reached an all-time high of 138.780 USD/Barrel in Jul 2008 and a record low of 26.680 USD/Barrel in Jan 2016. Crude Oil Price: Lalang 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.