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The Average Crude Oil Spot Price calculates an equally weighted price of the WTI Crude Oil Price, Brent Crude Oil Price, and Dubai Crude Oil Price. This metric gives a nice overview of the broad crude oil market, rather than looking at one type of crude oil price alone. One of the most notable times for the Average Crude Oil Spot Price was in 2008. Prices for the Average Crude reached as high as $114/barrel because of large cuts in production. However, because of the financial crisis and an abrupt loss of demand for oil globally, the price of Average Crude fell as much at 70% off highs in January of 2009. Average Crude Oil Spot Price is at a current level of 88.22, down from 95.97 last month and up from 72.80 one year ago. This is a change of -8.08% from last month and 21.18% from one year ago.
On October 24, 2022, the Brent crude oil price stood at 92.17 U.S. dollars per barrel, compared to 84.58 U.S. dollars for WTI oil and 93.26 for the OPEC basket.
Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. In March 2022, oil prices soared to highs not seen since since 2008 as a result of the Russia-Ukraine war. The decreases noted since August reflect market uncertainty over a looming global recession. In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and
hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. As with most commodities, crude
oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusion on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty.
Spot prices differ from futures in so far as they reflect the current market price of a commodity.
Zoomable Statistic: Select the range in the chart you want to zoom in on. Other statistics on the topicOPECStatista Accounts: Access All Statistics. Starting from $468 / Year Basic Account Get to know the platform You only have access to basic statistics. Starter Account The ideal entry-level account for individual users
$59 $39 / Month * in the first 12 months Professional Account Full access Corporate solution including all features. * Prices do not include sales tax. Statistics on " Coronavirus: impact on the global economy "Statistics on Coronavirus: impact on the global economyGlobal economic impact 8 Stock markets and COVID-19 6 Impact on major industries 6 Impact on trade and world's largest economies 4 Impact on Asia 6 Impact on Europe 7 Impact on the United States 7 Further related statistics 15 Further Content: You might find this interesting as wellStatisticsTopicsOPECStatista Accounts: Access All Statistics. Starting from $468 / Year Learn more about how Statista can support your business. How much is a barrel of oil at right now?Live interactive chart of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel. The current price of WTI crude oil as of October 28, 2022 is 88.38 per barrel.
What is the price of a barrel of oil in 2022?Weekly oil prices in Brent, OPEC basket, and WTI futures 2020-2022. On October 24, 2022, the Brent crude oil price stood at 92.17 U.S. dollars per barrel, compared to 84.58 U.S. dollars for WTI oil and 93.26 for the OPEC basket.
What was the highest oil price ever?Historically, Crude oil reached an all time high of 147.27 in July of 2008. Crude oil - data, forecasts, historical chart - was last updated on October of 2022.
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