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Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
Today’s live Brent crude oil spot price is at $68.67 per barrel. That’s down by 2.05% from the price of $70.11 per barrel one week ago. WTI crude oil trades from Sunday through to Friday, 5 PM to 4 PM CT. If you check live prices on Saturdays, you will always see the last recorded WTI crude price from the previous Friday. 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. The most important type of crude oil used in Europe is Brent Crude, named after the web application architecture best practices North Sea oilfield where it is extracted.
Brent vs. WTI Crude Oil Prices Compared
Once the markets have closed, the Last Price will show an ‘s’ after the price, indicating the price has settled for the day. The page will always show prices from the latest session of the market. Read on to learn more about the live crude oil price you see historically, or on active trading days. 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. In Brent crude oil’s instance, these reserves are under the seafloor, while WTI crude oil is extracted from reserves located under dry land.
As with all commodities, oil prices are driven by supply and demand. Today’s Brent crude oil spot price is at $72.88 per barrel, up by 0.91% from the previous trading day. In comparison to one week ago ($73.88 per barrel), Brent oil is down 1.35%.
What Drives the Price of Oil?
WTI crude futures are also traded on the Intercontinental Exchange (ICE) with the symbol T and priced in dollars and cents per barrel. WTI crude oil also rfp software development opened 2021 with an uptrend at $48.27 per barrel. WTI crude had a series of rallies and tumbles to reach a year-high price of $84.06 per barrel in late October 2021.
When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia. View the latest top stories from our trusted partners, with a focus on today’s futures and commodity markets. The real-time price of Brent crude oil is at $72.88 per barrel, and the price of WTI crude oil is at $68.67 per barrel. Oil prices are customarily quoted in dollars (USD) around the world, not only in the US or when referring to US crude oil. Unique to Barchart.com, data tables contain an option that allows you to see more data for the symbol without leaving the page.
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- Like all assets, supply and demand are the key drivers of WTI Oil price.
- The list of symbols included on the page is updated every 10 minutes throughout the trading day.
- Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals.
- For other static pages (such as the Russell 3000 Components list) all rows will be downloaded.
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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. Today’s WTI crude oil spot price of $68.67 per barrel is down 2.05% compared to one week ago at $70.11 per barrel. 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. The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil.
Spot Crude Oil Price: West Texas Intermediate (WTI) (WTISPLC)
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Extraction costs are typically higher for new resources, meaning these oils are only competitive in lower-supply, high-price environments. 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. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. FXStreet and the author do not provide personalized recommendations.
What was the highest ever oil price?
The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Please review the copyright information in the series notes before sharing. Most data tables can be analyzed using “Views.” A View simply presents the symbols on the page with a different set of columns.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. 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.
