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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Oil prices fell 2% on Monday after China’s stimulatory plans failed to impress traders and oil alliance OPEC lowered its demand forecast. West Texas Intermediate closed at $73.83 per barrel ...
The coalition has tried to boost oil prices by holding back output. ... Oversupply would rise to 1.4 million barrels per day in 2025 if OPEC+ follows through on plans to unwind quotas in April ...
Brent crude gained fractionally, hovering above $82 per barrel. The current oil price level is a stark difference from the 2023 highs in late September and a 28% rally in the third quarter.
After retreating for several months in late 2004 and early 2005, crude oil prices rose to new highs in March 2005. The price on NYMEX has been above US$50 per barrel since March 5, 2005. In June 2005, crude oil prices broke the psychological barrier of $60 per barrel. From 2005 onwards, the price elasticity of the crude oil market changed ...
March: Amoco Cadiz tanker runs aground off the coast of France, spilling 1.6 million barrels (250,000 m 3) of crude oil. (Largest crude spill to date.) June Iran and Saudi Arabia block efforts of OPEC price hawks to fix the price of OPEC oil in a currency more stable than the U.S. dollar. Say world economy cannot support associated price increases.
Oil production cuts by Russia and the Organization of the Petroleum Exporting Countries (OPEC) have helped push Brent crude prices up some 10% over the past month to roughly $93 per barrel.
May: Saudi Arabia supports a crude oil price hike during a late-month OPEC meeting. NYMEX Futures prices exceed $22 per barrel. Oct: OPEC production reaches highest level in more than a decade at 25.25 Mbbl/d (4,014,000 m 3 /d). December: U.S., Mexico, and Canada sign the North American Free Trade Agreement, a multi-lateral free trade agreement.