Crude Oil WTI NYMEX: CLK24 Quote
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- Exactly one month ago, Brent crude oil’s spot price was at $82.76 per barrel.
- The oil price charts offer live data and comprehensive price action on WTI Crude and Brent Crude patterns.
- The types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya.
- WTI crude oil’s spot price was at $78.27 per barrel one month ago.
- Because the supply of crude oil is limited but demand is constantly growing, the price of oil is also continuously rising.
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.
Oil Moves Higher on Fuel Inventory Draws
WTI crude had a series of rallies and tumbles to reach a year-high price of $84.06 per barrel in late October 2021. The real-time price of Brent crude oil is at $92.25 per barrel, and the price of WTI crude oil is at $87.64 per barrel. Oil prices are customarily quoted in dollars (USD) around the world, not only in the US or when referring to US crude oil.
WTI and Brent Crude Oil Prices
The different types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. These are standardized products used to determine the prices for all other types. Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Because the supply easymarkets review of crude oil is limited but demand is constantly increasing, the price of oil is also continuously rising. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 per cent.
What is today’s Brent crude oil price?
Compared to today’s price of $87.64 per barrel, the price is up by 11.97%. Exactly one month ago, Brent crude oil’s spot price was at $82.76 per barrel. Compared to today’s price of $92.25 per barrel, the price is up 11.47%. From time to time new oil resources come online — like Canadian oil sands or US crude oil from oil shale — these add to the global supply. New sources can exert a downward force on oil prices, even in times of heavy demand. In Brent crude oil’s instance, these reserves are under the seafloor, while WTI crude oil is extracted from reserves located under dry land.
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. The most important type of crude oil used in Europe is just2trade review Brent Crude, named after the North Sea oilfield where it is extracted. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline.