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Jan 4, 2023 · The Brent crude oil spot price averaged $100/b in 2022, and the WTI spot price averaged $95/b. In the first half of 2022, geopolitical tension with Russia, culminating with Russia’s full-scale invasion of Ukraine on February 24, contributed to crude oil price increases.
- Brent
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- WTI (West Texas Intermediate)
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- Brent
Interactive charts of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly basis with today's latest value.
YearAverageclosing PriceYear OpenYear High2024$77.72$71.65$87.012023$77.64$80.26$93.842022$94.53$76.08$123.702021$68.17$47.62$84.65- World oil demand is set to contract by 110 kb/d y-o-y in 4Q22, reaching 100.8 mb/d, up by 130 kb/d compared with last month’s Report. Strong gasoil use in key consuming countries outweighs weak European and Asian petrochemical deliveries.
- World oil supply fell 190 kb/d in November to 101.7 mb/d, breaking a five-month uptrend, after Saudi Arabia and other Gulf countries curbed supply in line with lower OPEC+ output targets.
- Global refinery throughputs surged 2.2 mb/d in November to the highest since January 2020, resulting in sharply lower diesel and gasoline cracks and refinery margins.
- Russian oil exports increased by 270 kb/d to 8.1 mb/d, the highest since April as diesel exports rose by 300 kb/d to 1.1 mb/d. Crude oil loadings were largely unchanged m-o-m, even as shipments to the EU fell by 430 kb/d to 1.1 mb/d.
WHAT DRIVES CRUDE OIL PRICES? An analysis of 7 factors that influence oil markets, with chart data updated monthly and quarterly. Crude oil is traded in a global market.
- World oil demand growth is forecast to slow to 1.9 mb/d in 2Q22 from 4.4 mb/d in 1Q22 and is now projected to ease to 490 kb/d on average in the second half of the year on a more tempered economic expansion and higher prices.
- Russia shut in nearly 1 mb/d in April, driving down world oil supply by 710 kb/d to 98.1 mb/d. Over time, steadily rising volumes from Middle East OPEC+ and the US along with a slowdown in demand growth is expected to fend off an acute supply deficit amid a worsening Russian supply disruption.
- Global refinery margins have surged to extraordinarily high levels due to depleted product inventories and constrained refinery activity. Throughputs in April fell 1.4 mb/d to 78 mb/d, the lowest since May 2021, largely driven by China.
- Global observed oil inventories declined by a further 45 mb during March and are now a total 1.2 billion barrels lower since June 2020. In the OECD, the release of 24.7 mb of government stocks during March halted the precipitous decline in industry inventories.
1 day ago · The real-time price of Brent crude oil is at $71.98 per barrel, and the price of WTI crude oil is at $67.85 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. See the historical price charts and analysis below.
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Jun 15, 2022 · Preliminary data show global oil stocks increased by 77 mb in April and made further gains in onshore stocks in May, yet oil prices continued their upward trajectory. At the time of writing, ICE Brent was trading at around $124/bbl, up 11% on a month ago and 70% higher than in June 2021.
