Alongside writing and editing, Marko works on projects related to online technology and digital marketing. Brent crude oil opened the year of 2020 amidst an uptrend that began in November 2020 from $38.84 per barrel and continued the rally to $68.72 per barrel until early March 2021. All market data (will open in new tab) is provided by Barchart Solutions. No part of any data presented on this website may be re-published, re-displayed or otherwise re-distributed without the prior written consent of Oilprice.com.
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- Today’s Brent crude oil spot price is at $82.82 per barrel, up by 0.71% from the previous trading day.
- Marko has been working on the road for over 5 years, and is currently based in Europe.
- WTI crude had a series of rallies and tumbles to reach a year-high price of $84.06 per barrel in late October 2021.
WTI represents oil extracted in the United States, primarily from wells in Texas, while Brent represents oil extracted from the North Sea, primarily in the United Kingdom. WTI and Brent oil futures are financial contracts that allow participants to speculate on the future price of crude oil. We also explain what oil blends are (like Brent and WTI), and ways you can speculate on live crude oil spot prices without having to buy physical barrels. Additionally, factors specific to each benchmark, such as infrastructure constraints or political stability in the respective regions, can affect their prices.
What is today’s Brent crude oil price?
Individual investors should carefully assess their risk tolerance and consider seeking professional advice before engaging in oil futures trading. Oil futures are traded on commodities exchanges, such as the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE). These exchanges provide a platform for participants to buy or sell oil futures contracts. The highest ever historical WTI crude oil price was at $141.63 per barrel. Other significant recent historical highs include $77.74 per barrel in Jul, 2006 and $109.50 per barrel in Aug, 2013. From time to time new oil resources come online — like Canadian oil sands or US crude oil from oil shale — these add to the global supply.
What Is The Brent Crude Oil Spot Price?
The current price of West Texas Intermediate (WTI) crude oil today is $77.56 per barrel. Live charts, historical data, futures contracts, and breaking news on WTI prices can be found below. Today’s WTI crude oil spot price of $77.44 per barrel is up 5.36% compared to one week ago at $73.50 per barrel. Today’s Brent crude oil spot price is at $82.82 per barrel, up by 0.71% from the previous trading day. In comparison to one week ago ($79.09 per barrel), Brent oil is up 4.72%. Oil prices are typically quoted per barrel — this is the same for the Brent crude oil spot price.
Why Oil Markets Aren’t Reacting to Supply Disruptions and Geopolitical Risk
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. Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. 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.
WTI crude futures are also traded on the Intercontinental Exchange (ICE) with the symbol T and priced in dollars and cents per barrel. Welcome to browse the page of WTI Crude Oil Price which shows the current WTI crude oil price and its fluctuation width, previous close price and open price, etc. WTI Crude Oil Price is a grade of crude oil that served as a benchmark in oil pricing, therefore, it is essential to take attention to the prices of WTI 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, double top neckline Shetland by an underwater pipeline. WTI and Brent oil futures are standardized contracts traded on futures exchanges. Each contract represents a specific quantity (typically 1,000 barrels) of oil to be delivered at a specified future date.
Compared to today’s price of $77.44 per barrel, the price is up by 6.68%. Exactly one month ago, Brent crude oil’s spot price was at $78.35 per barrel. Compared to today’s price of $82.82 per barrel, the price is up 5.71%. Technological developments and changes in resource distributions along the oil supply chain will also impact crude oil spot prices. The increased focus on renewable energy is already accelerating such changes. 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.
News for Oil (Brent)MORE
Crude oil as a commodity, its futures are the world’s most actively traded commodity. Such as the Iraqi invasion of Kuwait in 1990, the average monthly price of oil rose from $17 per barrel in July to $36 per barrel in October. 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. For example, you can see that Brent crude oil spot prices are quoted by the barrel (bbl), as are West Texas Intermediate (WTI) oil prices on global futures exchanges like NYMEX. Brent crude oil trades six days a week, so based on which day you’re looking at crude oil spot prices, you may be getting the last recorded live price. At local time on Sundays for your chosen exchange, you’ll almost certainly get the last Brent crude oil spot price that the market closed with.
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 pricing of WTI and Brent oil futures is based on the underlying spot prices of the respective crude oils. Spot prices represent the current market value of oil for immediate delivery. Futures prices are determined by market participants‘ expectations of future supply, demand fundamentals, conditions, storage costs, interest rates, and other relevant factors. The relationship between the futures and spot prices is influenced by market sentiment and the cost of carrying oil inventories.
Traders can buy or sell these contracts, aiming to profit from price fluctuations. The futures price reflects market expectations for the future value of oil. 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. Yes, WTI and Brent oil futures are commonly used for hedging purposes by participants in the oil industry. Oil producers, refiners, and other market participants often utilize futures contracts to manage their exposure to price volatility. By taking positions in oil futures, they can offset potential losses from adverse price movements in the physical market, providing a form of insurance against price risks.
WTI futures contracts are typically settled through physical delivery. If a trader holds a contract until expiration and does not offset or roll over the position, they must provide or take delivery of the actual crude oil. WTI (West Texas Intermediate) and Brent are two major benchmarks for crude oil prices.
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