Crude Oil Price Today | WTI OIL PRICE CHART | OIL PRICE PER BARREL | Markets Insider (2024)

Oil (WTI) News

Oil Price

Oil Slides as EIA Reports Crude Inventory Decline, Fuel Builds

Zacks

Big Oil Consolidation: Chevron Acquiring Hess - ConocoPhillips Acquiring Marathon Oil

Oil Price

Europe Seeks to End Reliance on Russian Energy

Oil Price

API Reports Significant Draw in Crude Oil Inventories

Zacks

Oil (WTI) Futures

NameExpirationPrice%Date
CLT JUN246/18/20240.006/13/2023
MCT JUL246/18/20240.005/30/2024
MCL JUL246/18/202478.02-1.545/30/2024
CLL JUN246/20/20240.006/19/2023
CL JUL246/20/202478.04-1.565/30/2024
CLS JUN246/20/20240.006/19/2023
MCL AUG247/17/202476.94-1.235/22/2024
CLT JUL247/19/20240.006/13/2023
MCL AUG247/19/202477.68-1.55/30/2024
CLS JUL247/22/20240.006/19/2023
CL AUG247/22/202477.68-1.435/30/2024
CLL JUL247/22/20240.006/19/2023
MCL SEP248/15/202476.41-1.415/22/2024
MCL AUG248/19/202476.375/23/2024
CLS AUG248/20/20240.006/19/2023
CLL AUG248/20/20240.006/19/2023
CL SEP248/20/202477.27-1.325/30/2024
MCL OCT249/17/202476.75-1.185/30/2024
CL OCT249/20/202476.77-1.355/30/2024
CLL SEP249/20/20240.006/19/2023
CLS SEP249/20/20240.006/19/2023
CLL OCT2410/22/20240.006/19/2023
CL NOV2410/22/202476.30-1.25/30/2024
CLS OCT2410/22/20240.006/19/2023
MCL DEC2411/15/202475.85-0.985/30/2024
CLT NOV2411/19/20240.006/13/2023
CLL NOV2411/20/20240.006/19/2023
CLS NOV2411/20/20240.006/19/2023
CLT DEC2411/20/20240.006/19/2023
CL DEC2411/20/202475.79-1.215/30/2024
MCL JAN2512/16/202475.31-2.075/30/2024
CL JAN2512/19/202475.38-1.125/30/2024
CLS DEC2412/19/20240.006/19/2023
CLL DEC2412/19/20240.006/19/2023
CLT JAN2512/19/20240.006/19/2023
MCL FEB251/17/202576.500.665/29/2024
CLT FEB251/21/20250.006/19/2023
CL FEB251/21/202574.92-1.15/30/2024
CLS JAN251/21/20250.006/19/2023
CLL JAN251/21/20250.006/19/2023
MCL MAR252/19/202574.40-1.65/30/2024
CLT MAR252/20/20250.006/19/2023
CLL FEB252/20/20250.006/19/2023
CLS FEB252/20/20250.006/19/2023
CL MAR252/20/202574.55-0.95/30/2024
MCL APR253/19/202574.80-0.745/30/2024
CLS MAR253/20/20250.006/19/2023
CLL MAR253/20/20250.006/19/2023
CLT APR253/20/20250.006/19/2023
CL APR253/20/202574.09-1.175/30/2024
MCL MAY254/21/202573.75-0.955/30/2024
CL MAY254/22/202573.63-1.255/30/2024
CLL APR254/22/20250.006/19/2023
CLS APR254/22/20250.006/19/2023
CLT MAY255/19/20250.006/13/2023
MCL JUN255/19/202573.51-0.815/30/2024
CLS MAY255/20/20250.006/19/2023
CL JUN255/20/202573.42-0.925/30/2024
CLL MAY255/20/20250.006/19/2023
CLT JUN255/20/20250.006/19/2023
CL JUL256/20/202572.64-1.535/30/2024
CLS JUN256/20/20250.006/19/2023
CLL JUN256/20/20250.006/19/2023
CLT JUL256/20/20250.006/19/2023
CLT AUG257/22/20250.006/19/2023
CL AUG257/22/202572.50-1.845/30/2024
CLS JUL257/22/20250.006/19/2023
CLL AUG258/20/20250.006/19/2023
CL SEP258/20/202573.032.575/30/2024
CLT SEP258/20/20250.006/19/2023
CLS AUG258/20/20250.006/19/2023
CL OCT259/22/202571.07-0.415/23/2024
CLL SEP259/22/20250.006/19/2023
CLT OCT259/22/20250.006/19/2023
CLS SEP259/22/20250.006/19/2023
CL NOV2510/21/202572.902.395/28/2024
CLT NOV2510/21/20250.006/19/2023
CLS OCT2510/21/20250.006/19/2023
CLL OCT2510/21/20250.006/19/2023
CLL NOV2511/20/20250.006/19/2023
CLS NOV2511/20/20250.006/19/2023
CLT DEC2511/20/20250.006/19/2023
CL DEC2511/20/202571.39-0.875/30/2024
CLT JAN2612/19/20250.006/19/2023
CLL DEC2512/19/20250.006/19/2023
CL JAN2612/19/202570.82-3.295/2/2024
CLS DEC2512/19/20250.006/19/2023
CL FEB261/20/202672.242.214/3/2024
CLL JAN261/20/20260.006/19/2023
CLT FEB261/20/20260.006/19/2023
CLS JAN261/20/20260.006/19/2023
CLT MAR262/20/20260.006/19/2023
CL MAR262/20/202670.14-3.925/13/2024
CLL FEB262/20/20260.006/19/2023
CLS FEB262/20/20260.006/19/2023
CL APR263/20/202670.155/30/2024
CLT APR263/20/20260.006/19/2023
CLS MAR263/20/20260.006/19/2023
CLL MAR263/20/20260.006/19/2023
CL MAY264/21/202669.925/30/2024
CLS APR264/21/20260.006/19/2023
CLT MAY264/21/20260.006/19/2023
CLL APR264/21/20260.006/19/2023
CLS MAY265/19/20260.006/19/2023
CL JUN265/19/202669.69-0.685/30/2024
CLL MAY265/19/20260.006/19/2023
CLT JUN265/19/20260.006/19/2023
CLL JUN266/22/20260.006/19/2023
CLS JUN266/22/20260.006/19/2023
CLT JUL266/22/20260.006/19/2023
CL JUL266/22/202669.45-2.185/30/2024
CLS JUL267/21/20260.006/19/2023
CLL JUL267/21/20260.006/19/2023
CL AUG267/21/202664.223/8/2023
CLT AUG267/21/20260.006/19/2023
CLT SEP268/20/20260.006/19/2023
CLS AUG268/20/20260.006/19/2023
CL SEP268/20/202670.501.564/8/2024
CLL AUG268/20/20260.006/19/2023
CLL SEP269/22/20260.006/19/2023
CL OCT269/22/202670.004/4/2024
CLT OCT269/22/20260.006/19/2023
CLS SEP269/22/20260.006/19/2023
CLT NOV2610/20/20260.006/19/2023
CL NOV2610/20/202669.654/17/2024
CLS OCT2610/20/20260.006/19/2023
CLL OCT2610/20/20260.006/19/2023
CLT DEC2611/20/20260.006/19/2023
CLL NOV2611/20/20260.006/19/2023
CLS NOV2611/20/20260.006/19/2023
CL DEC2611/20/202668.40-0.525/30/2024
CLS DEC2612/21/20260.006/19/2023
CLT JAN2712/21/20260.006/19/2023
CLL DEC2612/21/20260.006/19/2023
CL JAN2712/21/202654.007.425/7/2021
CLS JAN271/20/20270.006/19/2023
CLL JAN271/20/20270.006/19/2023
CL FEB271/20/202767.905/30/2024
CLT FEB271/20/20270.006/19/2023
CL MAR272/22/202762.802/10/2023
CLL FEB272/22/20270.006/19/2023
CLT MAR272/22/20270.006/19/2023
CLS FEB272/22/20270.006/19/2023
CLL MAR273/22/20270.006/19/2023
CLS MAR273/22/20270.006/19/2023
CL APR273/22/202767.535/30/2024
CLT APR273/22/20270.006/19/2023
CLL APR274/20/20270.006/19/2023
CLT MAY274/20/20270.006/19/2023
CLS APR274/20/20270.006/19/2023
CL MAY274/20/202755.250.457/10/2019
CLL MAY275/20/20270.006/19/2023
CL JUN275/20/202767.58-0.255/29/2024
CLS MAY275/20/20270.006/19/2023
CLT JUN275/20/20270.006/19/2023
CL JUL276/22/202767.015/30/2024
CLT JUL276/22/20270.006/19/2023
CLS JUN276/22/20270.006/19/2023
CLL JUN276/22/20270.006/19/2023
CL AUG277/20/202766.845/30/2024
CLL JUL277/20/20270.006/19/2023
CLT AUG277/20/20270.006/19/2023
CLS JUL277/20/20270.006/19/2023
CLS AUG278/20/20270.006/19/2023
CL SEP278/20/202766.685/30/2024
CLL AUG278/20/20270.006/19/2023
CLT SEP278/20/20270.006/19/2023
CLL SEP279/21/20270.006/19/2023
CLT OCT279/21/20270.006/19/2023
CL OCT279/21/202755.300.557/10/2019
CLS SEP279/21/20270.006/19/2023
CL NOV2710/20/202755.501.937/10/2019
CLT NOV2710/20/20270.006/19/2023
CLS OCT2710/20/20270.006/19/2023
CLL OCT2710/20/20270.006/19/2023
CLL NOV2711/19/20270.006/19/2023
CL DEC2711/19/202766.710.265/30/2024
CLS NOV2711/19/20270.006/19/2023
CLT DEC2711/19/20270.006/19/2023
CLS DEC2712/20/20270.006/19/2023
CLT JAN2812/20/20270.006/19/2023
CL JAN2812/20/202754.003.055/12/2021
CLL DEC2712/20/20270.006/19/2023
CLL JAN281/20/20280.006/19/2023
CLT FEB281/20/20280.006/19/2023
CL FEB281/20/202854.00-2.885/12/2021
CLS JAN281/20/20280.006/19/2023
CL MAR282/22/202865.905/30/2024
CLS FEB282/22/20280.006/19/2023
CLL FEB282/22/20280.006/19/2023
CLT MAR282/22/20280.006/19/2023
CLL MAR283/21/20280.006/19/2023
CLS MAR283/21/20280.006/19/2023
CL APR283/21/202865.765/30/2024
CLT APR283/21/20280.006/19/2023
CL MAY284/20/202865.675/30/2024
CLS APR284/20/20280.006/19/2023
CLT MAY284/20/20280.006/19/2023
CLL APR284/20/20280.006/19/2023
CLS MAY285/22/20280.006/19/2023
CLT JUN285/22/20280.006/19/2023
CLL MAY285/22/20280.006/19/2023
CL JUN285/22/202864.76-0.375/10/2024
CLS JUN286/20/20280.006/19/2023
CLT JUL286/20/20280.006/19/2023
CLL JUN286/20/20280.006/19/2023
CL JUL286/20/202865.425/30/2024
CLL JUL287/20/20280.006/19/2023
CL AUG287/20/202865.305/30/2024
CLT AUG287/20/20280.006/19/2023
CLS JUL287/20/20280.006/19/2023
CLL AUG288/22/20280.006/19/2023
CLS AUG288/22/20280.006/19/2023
CL SEP288/22/202865.195/30/2024
CLT SEP288/22/20280.006/19/2023
CLS SEP289/20/20280.006/19/2023
CLT OCT289/20/20280.006/19/2023
CL OCT289/20/202865.095/30/2024
CLL SEP289/20/20280.006/19/2023
CLL OCT2810/20/20280.006/19/2023
CLS OCT2810/20/20280.006/19/2023
CL NOV2810/20/202865.045/30/2024
CLT NOV2810/20/20280.006/19/2023
CL DEC2811/20/202865.110.175/29/2024
CLL NOV2811/20/20280.006/19/2023
CLT DEC2811/20/20280.006/19/2023
CLS NOV2811/20/20280.006/19/2023
CLT JAN2912/19/20280.006/19/2023
CL JAN2912/19/202864.795/30/2024
CLS DEC2812/19/20280.006/19/2023
CLL DEC2812/19/20280.006/19/2023
CLT FEB291/22/20290.006/19/2023
CLL JAN291/22/20290.006/19/2023
CL FEB291/22/202964.685/30/2024
CLS JAN291/22/20290.006/19/2023
CL MAR292/20/202964.625/30/2024
CLT MAR292/20/20290.006/19/2023
CLS FEB292/20/20290.006/19/2023
CLL FEB292/20/20290.006/19/2023
CLS MAR293/20/20290.006/19/2023
CL APR293/20/202964.515/30/2024
CLT APR293/20/20290.006/19/2023
CLL MAR293/20/20290.006/19/2023
CLT MAY294/20/20290.006/19/2023
CLL APR294/20/20290.006/19/2023
CL MAY294/20/202964.465/30/2024
CLS APR294/20/20290.006/19/2023
CLT JUN295/22/20290.006/19/2023
CLL MAY295/22/20290.006/19/2023
CLS MAY295/22/20290.006/19/2023
CL JUN295/22/202954.550.837/17/2019
CL JUL296/20/202964.305/30/2024
CLS JUN296/20/20290.006/19/2023
CLL JUN296/20/20290.006/19/2023
CLT JUL296/20/20290.006/19/2023
CLT AUG297/20/20290.006/19/2023
CLL JUL297/20/20290.006/19/2023
CL AUG297/20/202964.205/30/2024
CLS JUL297/20/20290.006/19/2023
CLL AUG298/21/20290.006/19/2023
CLS AUG298/21/20290.006/19/2023
CLT SEP298/21/20290.006/19/2023
CL SEP298/21/202964.155/30/2024
CLL SEP299/20/20290.006/19/2023
CLS SEP299/20/20290.006/19/2023
CL OCT299/20/202964.105/30/2024
CLT OCT299/20/20290.006/19/2023
CLL OCT2910/22/20290.006/19/2023
CLT NOV2910/22/20290.006/19/2023
CL NOV2910/22/202964.085/30/2024
CLS OCT2910/22/20290.006/19/2023
CL DEC2911/19/202964.300.615/29/2024
CLT DEC2911/19/20290.006/19/2023
CLL NOV2911/19/20290.006/19/2023
CLS NOV2911/19/20290.006/19/2023
CLL DEC2912/19/20290.006/19/2023
CL JAN3012/19/202963.995/30/2024
CLT JAN3012/19/20290.006/19/2023
CLS DEC2912/19/20290.006/19/2023
CLT FEB301/22/20300.006/19/2023
CLS JAN301/22/20300.006/19/2023
CL FEB301/22/203063.935/30/2024
CLL JAN301/22/20300.006/19/2023
CLL FEB302/20/20300.006/19/2023
CLT MAR302/20/20300.006/19/2023
CL MAR302/20/203063.835/30/2024
CLS FEB302/20/20300.006/19/2023
CLS MAR303/20/20300.006/19/2023
CLT APR303/20/20300.006/19/2023
CL APR303/20/203052.8004/7/2020
CLL MAR303/20/20300.006/19/2023
CLS APR304/22/20300.006/19/2023
CLT MAY304/22/20300.006/19/2023
CL MAY304/22/203063.735/30/2024
CLL APR304/22/20300.006/19/2023
CL JUN305/21/203060.100.179/12/2023
CLT JUN305/21/20300.006/19/2023
CLL MAY305/21/20300.006/19/2023
CLS MAY305/21/20300.006/19/2023
CL JUL306/20/203063.685/30/2024
CLT JUL306/20/20300.006/19/2023
CLL JUN306/20/20300.006/19/2023
CLS JUN306/20/20300.006/19/2023
CLS JUL307/22/20300.006/19/2023
CLT AUG307/22/20300.006/19/2023
CL AUG307/22/203063.605/30/2024
CLL JUL307/22/20300.006/19/2023
CLL AUG308/20/20300.006/19/2023
CLS AUG308/20/20300.006/19/2023
CLT SEP308/20/20300.006/19/2023
CL SEP308/20/203063.625/30/2024
CL OCT309/20/203063.565/30/2024
CLS SEP309/20/20300.006/19/2023
CLT OCT309/20/20300.006/19/2023
CLL SEP309/20/20300.006/19/2023
CLL OCT3010/22/20300.006/19/2023
CLS OCT3010/22/20300.006/19/2023
CL NOV3010/22/203063.555/30/2024
CLT NOV3010/22/20300.006/19/2023
CLL NOV3011/20/20300.006/19/2023
CLS NOV3011/20/20300.006/19/2023
CLT DEC3011/20/20300.006/19/2023
CL DEC3011/20/203063.650.65/22/2024
CLL DEC3012/19/20300.006/19/2023
CL JAN3112/19/203063.445/30/2024
CLS DEC3012/19/20300.006/19/2023
CLT JAN3112/19/20300.006/19/2023
CLT FEB311/21/20310.006/19/2023
CL FEB311/21/203163.385/30/2024
CLS JAN311/21/20310.006/19/2023
CLL JAN311/21/20310.006/19/2023
CLL FEB312/20/20310.006/19/2023
CLS FEB312/20/20310.006/19/2023
CLT MAR312/20/20310.006/19/2023
CL MAR312/20/203163.405/30/2024
CLL MAR313/20/20310.006/19/2023
CLT APR313/20/20310.006/19/2023
CL APR313/20/203163.395/30/2024
CLS MAR313/20/20310.006/19/2023
CLS APR314/22/20310.006/19/2023
CLL APR314/22/20310.006/19/2023
CL MAY314/22/203163.345/30/2024
CLT MAY314/22/20310.006/19/2023
CLS MAY315/20/20310.006/19/2023
CL JUN315/20/203163.305/30/2024
CLL MAY315/20/20310.006/19/2023
CLT JUN315/20/20310.006/19/2023
CLT JUL316/20/20310.006/19/2023
CL JUL316/20/203163.305/30/2024
CLL JUN316/20/20310.006/19/2023
CLS JUN316/20/20310.006/19/2023
CLL JUL317/22/20310.006/19/2023
CLS JUL317/22/20310.006/19/2023
CL AUG317/22/203163.275/30/2024
CLT AUG317/22/20310.006/19/2023
CLS AUG318/20/20310.006/19/2023
CL SEP318/20/203163.185/30/2024
CLL AUG318/20/20310.006/19/2023
CLT SEP318/20/20310.006/19/2023
CLL SEP319/22/20310.006/19/2023
CL OCT319/22/203163.185/30/2024
CLT OCT319/22/20310.006/19/2023
CLS SEP319/22/20310.006/19/2023
CLS OCT3110/21/20310.006/19/2023
CL NOV3110/21/203163.165/30/2024
CLT NOV3110/21/20310.006/19/2023
CLL OCT3110/21/20310.006/19/2023
CLT DEC3111/20/20310.006/19/2023
CLL NOV3111/20/20310.006/19/2023
CL DEC3111/20/203162.77-0.525/1/2024
CLS NOV3111/20/20310.006/19/2023
CLT JAN3212/19/20310.006/19/2023
CLL DEC3112/19/20310.006/19/2023
CLS DEC3112/19/20310.006/19/2023
CL JAN3212/19/203162.985/30/2024
CL FEB321/20/203262.945/30/2024
CLS JAN321/20/20320.006/19/2023
CLL JAN321/20/20320.006/19/2023
CLT FEB321/20/20320.006/19/2023
CL MAR322/20/203262.925/30/2024
CLT MAR322/20/20320.006/19/2023
CLS FEB322/20/20320.006/19/2023
CLL FEB322/20/20320.006/19/2023
CL APR323/22/203262.915/30/2024
CLS MAR323/22/20320.006/19/2023
CLL MAR323/22/20320.006/19/2023
CLT APR323/22/20320.006/19/2023
CLL APR324/20/20320.006/19/2023
CL MAY324/20/203262.855/30/2024
CLT MAY324/20/20320.006/19/2023
CLS APR324/20/20320.006/19/2023
CLS MAY325/20/20320.006/19/2023
CLT JUN325/20/20320.006/19/2023
CL JUN325/20/203262.855/30/2024
CLL MAY325/20/20320.006/19/2023
CLL JUN326/22/20320.006/19/2023
CL JUL326/22/203262.875/30/2024
CLS JUN326/22/20320.006/19/2023
CLT JUL326/22/20320.006/19/2023
CL AUG327/20/203262.895/30/2024
CLT AUG327/20/20320.006/19/2023
CLL JUL327/20/20320.006/19/2023
CLS JUL327/20/20320.006/19/2023
CL SEP328/20/203262.885/30/2024
CLT SEP328/20/20320.006/19/2023
CLS AUG328/20/20320.006/19/2023
CLL AUG328/20/20320.006/19/2023
CLT OCT329/21/20320.006/19/2023
CLS SEP329/21/20320.006/19/2023
CLL SEP329/21/20320.006/19/2023
CL OCT329/21/203262.815/30/2024
CLS OCT3210/20/20320.006/19/2023
CLL OCT3210/20/20320.006/19/2023
CLT NOV3210/20/20320.006/19/2023
CL NOV3210/20/203262.775/30/2024
CL DEC3211/19/203263.1004/19/2024
CLT DEC3211/19/20320.006/19/2023
CLL NOV3211/19/20320.006/19/2023
CLS NOV3211/19/20320.006/19/2023
CLS DEC3212/20/20320.006/19/2023
CL JAN3312/20/203262.645/30/2024
CLL DEC3212/20/20320.006/19/2023
CLT JAN3312/20/20320.006/19/2023
CLL JAN331/20/20330.006/19/2023
CLT FEB331/20/20330.006/19/2023
CL FEB331/20/203362.635/30/2024
CLS JAN331/20/20330.006/19/2023
CLL FEB332/22/20330.006/19/2023
CLS FEB332/22/20330.006/19/2023
CL MAR332/22/203362.625/30/2024
CLT MAR332/22/20330.006/19/2023
CLS MAR333/22/20330.006/19/2023
CLT APR333/22/20330.006/19/2023
CLL MAR333/22/20330.006/19/2023
CL APR333/22/203362.615/30/2024
CLT MAY334/20/20330.006/19/2023
CLL APR334/20/20330.006/19/2023
CL MAY334/20/203362.645/30/2024
CLS APR334/20/20330.006/19/2023
CLL MAY335/20/20330.006/19/2023
CL JUN335/20/203362.625/30/2024
CLS MAY335/20/20330.006/19/2023
CLT JUN335/20/20330.006/19/2023
CLL JUN336/21/20330.006/19/2023
CLS JUN336/21/20330.006/19/2023
CL JUL336/21/203362.645/30/2024
CLT JUL336/21/20330.006/19/2023
CLS JUL337/20/20330.006/19/2023
CLT AUG337/20/20330.006/19/2023
CL AUG337/20/203362.675/30/2024
CLL JUL337/20/20330.006/19/2023
CL SEP338/22/203362.685/30/2024
CLT SEP338/22/20330.006/19/2023
CLS AUG338/22/20330.006/19/2023
CLL AUG338/22/20330.006/19/2023
CLL SEP339/20/20330.006/19/2023
CLT OCT339/20/20330.006/19/2023
CL OCT339/20/203362.715/30/2024
CLS SEP339/20/20330.006/19/2023
CLL OCT3310/20/20330.006/19/2023
CL NOV3310/20/203362.685/30/2024
CLT NOV3310/20/20330.006/19/2023
CLS OCT3310/20/20330.006/19/2023
CLT DEC3311/21/20330.006/19/2023
CLS NOV3311/21/20330.006/19/2023
CLL NOV3311/21/20330.006/19/2023
CL DEC3311/21/203363.1004/19/2024
CL JAN3412/20/203362.585/30/2024
CLL DEC3312/20/20330.006/19/2023
CLS DEC3312/20/20330.006/19/2023
CLT JAN3412/20/20330.006/19/2023
CL FEB341/20/203462.605/30/2024
CLT FEB341/20/20340.006/19/2023
CLL JAN341/20/20340.006/19/2023
CLS JAN341/20/20340.006/19/2023

Historical Prices for Oil (WTI)

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DateOpenCloseDaily HighDaily Low

Price change over selected period:0%0

Unit conversion for Oil (WTI) Price Today

ConversionOil (WTI) PricePrice
1 Barrel ≈ 0,136 Tonnes of Crude OilOil (WTI) PricePer 1 Ton582.94 USD
1 Barrel = 42 GallonsOil (WTI) PricePer 1 Gallon1.89 USD
1 Barrel ≈ 158,98 LitersOil (WTI) PricePer 1 Liter0.50 USD
1 Barrel = 336 PintOil (WTI) PricePer 1 Pint0.24 USD

Energy

NamePrice%UnitDate
Natural Gas (Henry Hub)2.564.31USD per MMBtu5/30/24 03:25 PM
Ethanol2.160.05USD per Gallon5/30/24 07:16 AM
Heating Oil62.61-2.87USD per 100 Liter5/30/24 03:17 PM
Coal103.65-2.90USD per Ton5/22/24 12:23 PM
RBOB Gasoline2.41-2.32USD per Gallone5/30/24 03:23 PM
Uranium90.30-0.28USD per 250 Pfund U3085/29/24 12:45 PM
Oil (Brent)82.04-1.78USD per Barrel5/30/24 03:19 PM
Oil (WTI)77.96-1.62USD per Barrel5/30/24 03:24 PM

Price of oil (Brent Crude and WTI)

The price of oil is the most important value on the international commodity markets. Crude oil is the most important commodity and emerging industrial markets such as China, India and Latin America greatly influence the price of oil, since they require more and more oil to support their economic growth and resulting rise in energy consumption. The supply of crude oil is limited, however, and cannot be increased further, since it has become increasingly difficult to find and develop new oil reserves in recent years. As a result, the price of oil has a strong influence on international economic development, since it is urgently needed in all industrialised countries when supplies are limited. (read more)

The commodity of crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development. There are different types of crude oil. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. From there, the crude oil is transported by tanker.

Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Crude oil is also used in cosmetics and medicines. Because the supply of crude oil is limited but demand is constantly increasing, the price of oil is also continuously rising. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 per cent.

Because the crude oil industry has developed hardly at all in recent years due to a lack of investment capital for discovery, extraction and further processing, global production can barely meet the high demand for crude oil from countries such as the USA, China or India. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and this will continue to rise further.

On an international level there are a number of different types of crude oil, each of which have different properties and prices. The types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. These are standardised products used to determine the prices for all other types. The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals.

The most important trading venue for European Brent Crude Oil is the International Petroleum Exchange in London.

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Crude Oil Price Today | WTI OIL PRICE CHART | OIL PRICE PER BARREL | Markets Insider (2024)

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