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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, Isthmus, and Western Canadian Select (WCS).
On May 21, WTI settled at $33.92 and Brent at $36.06, both the highest since March 10. U.S. crude supplies were down for the second week, and OPEC production was down. Positive economic news from Europe and the United States also contributed, although possible tensions with China limited gains.
- The Dollar Strengthens. In 2015, the dollar was at a 12-year high against the euro. That put pressure on market prices because commodity prices are usually quoted in dollars, and they will fall when the U.S. dollar is strong.
- OPEC Retains Production Levels. OPEC, the cartel of oil producers that sets production levels, was unwilling to prop up the oil markets by cutting its production levels.
- Global Inventory Grows. The prices of crude futures declined in late September 2015 when it became clear that oil stockpiles were growing amid increased production.
- The Economy Weakens. While the supply of oil became increasingly abundant in 2015, global demand for oil was decreasing. The economies of Europe and developing countries were weakening.
Dec 9, 2022 · Oil prices have not soared but slipped, adding fuel to an argument made by Saudi energy minister Prince Abdulaziz bin Salman that in the face of a weakening global economy, pre-emptive cuts...
Apr 22, 2020 · Just as sky-high oil prices can trigger recessions, low oil prices can aid recoveries. A massive fall in the oil price is like a global tax cut on businesses big and small.
Jul 18, 2021 · The price of Brent crude oil is up 43% this year to almost $74 a barrel. Last year, Opec and its partners cut production by a record 10 million barrels per day (bpd) amid a pandemic-induced...
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Dec 14, 2021 · Benchmark crude oil prices plunged by $15-17/bbl over the course of November, as concerns over Covid-19, inflation and economic growth weighed on the market. North Sea Dated prices were down $2.17/bbl for the month on average to $81.37, but hit a low of $68.87/bbl on 1 December before recovering to around $75/bbl at the time of writing.
