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.
Current crude oil prices are usually references to the
spot price of either WTI/Light Crude as traded on
NYMEX for delivery in Cushing, Oklahoma or the
price of Brent as traded on the ICE for
delivery at Sullom Voe.
Current Crude Oil Prices
What is Spot Price?
The Spot price of Crude Oil is the current price at which Crude Oil can be
bought or sold. It is the wholesale price that is quoted if you were a
refiner wanting to buy Crude Oil today. The price is quoted per barrel.
One barrel of crude oil contains 42 gallons of oil.
West Texas Intermediate (WTI) Light Crude is used as a benchmark in current crude oil prices and the
underlying commodity of NYMEX's oil futures contracts.
Brent Crude is also used as a benchmark in current crude oil prices and is traded on ICE. Typical there is
little price difference to WTI.
NYMEX Futures Price is the value of a 1,000 barrels of oil, usually WTI at some agreed
upon time in the future.
OPEC Basket Price is an average of the prices of oil from various countries.
Why are current crude oil prices so high?
The most important factors contributing to the current rise in
worldwide oil prices have been an increasing demand from expanding
economies, mainly in China and India but also
elsewhere, while supply has been artificially curtailed through the
OPEC oil cartel.
The ministers of OPEC, meeting in early December 2007, appeared to
reach a consensus for high, but stable prices. This price point would
deliver consistently high income to the oil producing states, but
avoid prices so high that they would depress the economies of the oil
consuming nations.
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The most relevant links we could find, placed here free
Brent Crude Oil
- NYMEX futures price and current crude oil prices. This page require agreement to terms before viewing. www.nymex.com
The NYMEX Futures Price for crude oil 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 price for crude oil is
reported in almost every major U.S. newspaper.
IntercontinentalExchange (ICE)
- Brent and WTI current crude oil prices detailed daily charts. ICE operates global commodity and financial products marketplaces, including the world's leading electronic energy
markets and soft commodity exchange. www.theice.com
OPEC Basket Price
- 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.
You can find their current crude oil prices here. www.opec.org
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Crude Oil Spot Price