Worldwide supply and demand determine crude oil prices.
Demand varies, depending on factors such as the economy and the weather.
Weather and geopolitical events can affect crude oil supply..
The Brent benchmark is used to price over three-quarters of the world's traded oil, as one of the most liquid crude grades.
The waterborne crude oil on which ICE's Brent benchmark is based has access to global shipping, port and storage capacity..
The WTI is the benchmark oil for North America and the New York Mercantile Exchange lists futures of WTI crude oil.
North Sea Brent Crude is also described as a light sweet oil due to its low sulfur content.
This oil comes from reserves in the North Sea..
Crude Oil Price Index is at a current level of 223.54, up from 203.15 last month and up from 219.82 one year ago.
This is a change of 10.04% from last month and 1.69% from one year ago..
Brent Crude is often considered the global benchmark for oil because roughly two-thirds of the world's oil is priced off Brent Crude futures.
WTI Crude Oil, also known as light sweet crude, is considered the U.S. benchmark for pricing oil..
The Brent benchmark is used to price over three-quarters of the world's traded oil, as one of the most liquid crude grades.
The waterborne crude oil on which ICE's Brent benchmark is based has access to global shipping, port and storage capacity.
It is processed by refiners around the world..
A big question is demand for fuel, which is picking up along with rebounding travel following the depths of the COVID-19 pandemic.
A robust U.S. economy increases demand for oil — and the price — while weak growth in China and Europe has the opposite effect..
OPEC is highly influential in the crude oil space.
Economical:
Oil prices are quoted per barrel, or ‘bbl’.
The abbreviation indicates one barrel of crude oil, but you may see Gbbl (one billion barrels), as well as Mbbl (one million barrels) or Kbbl for one thousand barrels.
The highest ever historical WTI crude oil price was at $141.63 per barrel.
Compared to today’s spot price that’s down 41.33%.
Other significant recent historical highs include:
Prices at the pump might fall as low as $3.25 by the end of 2023 amid seasonal shifts and overproduction, experts told Insider.
The price of oil is the most important value on international commodity markets since crude oil is the most important commodity.
Oil and bitumen deposits in Alberta, Canada
Oil and bitumen deposits in Alberta, Canada
