WTI crude fell to its 52-week low of $64.78 per barrel on Sep. 10, 2024. It reached its 52-week high of $87.85 on April 5, 2024. Farran Powell is the managing editor of investing, retirement and banking at USA TODAY Blueprint. That “Miracle on the Hudson” coverage won many breaking news awards. News & World Report, where she oversaw multiple verticals including advisors, brokers and investing.
Brent futures, on the other hand, can be settled financially. Today’s live Brent crude oil spot price is at $63.44 per barrel. That’s down 3.32% from last week’s price of $65.62 per barrel. Brent crude oil trades global asset allocation 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.
- However, the tariff delay on the EU adds a positive tone to risk sentiment and offers modest support to crude.
- Futures contracts are agreements to buy or sell a standardized amount of an asset at a specific price on a specific future date.
- The highest ever historical WTI crude oil price was at $141.63 per barrel.
- Oil prices are typically quoted per barrel and in dollars (USD) around the world and no matter if it’s American oil or not.
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We receive compensation from the companies that advertise on Blueprint which may impact how and where products appear on this site. Blueprint does not include all companies, products or offers that may be available to you within the market. A list of selected affiliate partners is available here. Brent futures traded at $84.54/bbl, a drop of 0.96% in the last 24 hours. The 4-hour chart for WTI crude oil shows that the price is trading within a descending broadening wedge pattern. It is consolidating between the $60 and $64 levels, and a breakout from this range will likely determine the next direction.
Crude Oil Prices: West Texas Intermediate (WTI) – Cushing, Oklahoma (DCOILWTICO)
Brent crude is oil extracted from the Brent, Ekofisk, Forties and Oseberg oil fields. Brent has an API gravity of 38 degrees and a sulfur content of 0.4%, making it slightly heavier and less sweet than WTI. Brent is typically used as a benchmark for international oil markets, such as markets in the Middle East, Europe and Africa.
What was the price of oil one month ago?
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. 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.
The difference between the spot price of Brent crude and WTI crude is called the Brent/WTI spread. WTI crude is a blend of oils extracted from U.S. oilfields in Texas, North Dakota and Louisiana and is delivered to Cushing, Oklahoma. Extraction costs are typically higher for new resources, meaning these oils are only competitive in lower-supply, high-price environments. The consolidation in natural gas prices is also evident in the 4-hour chart below.
- Changes in inventories reflect fluctuating supply and demand.
- 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.
- Traders can buy or sell these contracts, aiming to profit from price fluctuations.
- West Texas Intermediate prices have drifted lower in 2024, but prices are down 7.27% over the past three years.
- The market remains cautious ahead of the meeting, where the group may confirm an additional 411,000 barrels per day of production for July.
- Brent futures rose by 0.13% to $75.41/bbl, as of 9 a.m.
What are Oil Futures?
The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. As with all commodities, oil prices are driven by supply and demand. Natural disasters and geopolitical conflicts worldwide can disrupt production and create oil supply shortages. The U.S. and global economies experience much higher industrial energy demand during periods of strong economic growth and lower demand during economic downturns. Finally, the Organization of the Petroleum Exporting Countries can significantly alter global crude oil supplies by increasing or cutting production. Welcome to browse the exness broker reviews 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.
In comparison to one week ago ($65.62 per barrel), Brent oil is down 3.32%. At the same time, Trump’s remarks on progress in the Iran nuclear talks may limit the upside in oil prices. Any breakthrough could increase the Iranian oil supply, further weighing the market. However, the tariff delay on the EU adds a positive tone to risk sentiment and offers modest support to crude. The combined effect of potential supply increases and ongoing geopolitical shifts keeps oil prices fragile, with a downward bias if OPEC+ confirms production hikes.
A break above $64 would signal upward momentum toward the $70 level, while a break below $60 would indicate continued downside toward lower price levels. Brent futures traded at $72.07/bbl, a drop of 3.42% in the last 24 hours. Blueprint is an independent publisher and comparison service, not an investment advisor. Saudi Arabian oil is neither WTI, extracted in the U.S., nor Brent, extracted in the North Sea near Europe. Saudi Arabia’s state-owned oil company, Saudi Aramco, uses the Dubai/Oman crude oil benchmark when pricing its oil for delivery to Asia.
Brent futures fell by 0.96% to $84.54/bbl, as of 9 a.m. As founder of Gold Predictors, he leads a team providing advanced market analytics, quantitative research, and refined precious metals trading strategies. Brent futures fell by 3.42% to $72.07/bbl, as of 9 a.m. The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
The daily chart for the USD Index shows that the index is trading hammer formation under strong bearish pressure. The failure to break above 102, near the 50-day SMA, has pushed the index toward the 98 region. A break below 98 would signal a further downside toward 96. If the index breaks below 96, the decline will likely continue toward the 90 area. The daily chart for natural gas (NG) shows that the price is consolidating below the 50-day SMA.
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.
WTI crude oil (CL) trades near $61.25 as traders await the OPEC+ decision on May 31. The market remains cautious ahead of the meeting, where the group may confirm an additional 411,000 barrels per day of production for July. If OPEC+ increases supply as expected, it could put downward pressure on oil prices. Comments from Russian officials suggest no final agreement has been reached, adding to the uncertainty. The current price consolidation reflects market indecision and the growing risk of oversupply. 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.