Crude Oil Prices - Crude oil prices mainly for the USA. Details on crude oil prices per barrel, the crude oil price history and what events caused the price rises, the current crude oil prices, how crude oil is refined and more.
Crude oil prices per barrel measure the spot price of various barrels of oil, most commonly either the West Texas Intermediate (WTI) or the Brent Blend. The OPEC basket price and NYMEX futures price are also sometimes quoted.
Crude Oil Prices Per Barrel
References to the price of petroleum are usually references to the
spot price of either WTI/Light Crude as traded on the New York
Mercantile Exchange (NYMEX) for delivery in Cushing, Oklahoma or the
price of Brent as traded on the Intercontinental Exchange (ICE) for
delivery at Sullom Voe.
Live NYMEX Prices Per Barrel
(Click image to enlarge)
West Texas Intermediate (WTI), also known as Texas Light Sweet, is a
type of crude oil used as a benchmark in crude oil prices per barrel and the
underlying commodity of New York Mercantile Exchange's oil futures
contracts. This oil type is often referenced in North American news reports about
oil prices, alongside North Sea Brent Crude.
Brent Crude is one of the major classifications of oil consisting of
Brent Crude, Brent Sweet Light Crude, Oseberg and Forties. Brent Crude
is sourced from the North Sea. The Brent Crude oil marker is also
known as Brent Blend, London Brent and Brent petroleum, and is quoted in crude oil prices per barrel.
The most relevant links we could find, placed here free
Crude Oil Prices Definition
- Article which explains how crude oil prices are defined. useconomy.about.com
Price of petroleum
- Article about the price of crude oil. en.wikipedia.org
Energy Information Administration (EIA)
- Official Energy Statistics from the U.S. www.eia.doe.gov
Crude Oil Spot Prices
- Spot Prices for Crude Oil and Petroleum Products by EIA. WTI and Brent crude oil prices in Dollars per barrel. tonto.eia.doe.gov
World Crude Oil Prices Per Barrel
- from US Energy Information Administration (EIA). tonto.eia.doe.gov
OPEC Basket Price
- Organization of the Petroleum Exporting Countries (OPEC)
coordinates oil production policies in order to help stabilise the oil market and to help oil
producers achieve a reasonable rate of return on their investments. Their meetings are watched closely to determine
if they will be an increase or decrease in oil production. www.opec.org
- New York Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity futures exchange
and the preeminent trading forum for energy and precious metals
and quotes future prices in crude oil prices per barrel. www.nymex.com
Oil Prices 2006 - 2008
NYMEX Light Sweet
(not adjusted for inflation)
The OPEC Basket Price is an average of the prices of oil from Algeria,
Indonesia, Nigeria, Saudi Arabia, Dubai, Venezuela, and Mexico. OPEC
uses the price of this basket to monitor world oil market conditions.
OPEC prices are lower because the oil from some of the countries have
higher sulphur content, making them more "sour", and therefore less
useful for making gasoline. The OPEC Basket Price quotes crude oil prices per barrel.
The NYMEX futures price for crude oil is
reported in almost every major U.S. newspaper.
It is the value of a 1,000 barrels of oil, usually WTI at some agreed
upon time in the future. In this way, the NYMEX gives a forecast of
what oil traders think the WTI spot price will be in the future.
However, the futures price usually follows the spot price pretty
closely, since the oil traders can't know about sudden disruptions to
the oil supply, etc. The NYMEX futures quotes crude oil prices per barrel.