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The current month is updated on an hourly basis with today's latest value. The current price of WTI crude oil as of May 31, 2024 is $76.99 per barrel. Interactive charts of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946.
- 10 Year Daily Chart
WTI Crude Oil Prices - 10 Year Daily Chart. Interactive...
- Crude Oil vs Gasoline Prices
This interactive chart compares the monthly price...
- Saudi Arabia Crude Oil Production
The current level of Saudi Arabia crude oil production as of...
- Crude Oil Prices Today - Live Chart
The current price of WTI crude oil as of May 31, 2024 is...
- Oil Prices vs Natural Gas
This interactive chart compares the price performance of...
- 10 Year Daily Chart
Apr 13, 2022 · Oil Prices by Year: Average, High, Low, and Events . The following chart shows the nominal value for imported crude oil according to the U.S. Energy Information Administration. The first column shows the average annual price. It's followed by the monthly high and low oil prices for that year.
- Kimberly Amadeo
May 4, 2022 · Historical oil prices rose rapidly from 2004-2008. During that time, economic growth was fueling oil demand but there was little spare production capacity. By the second quarter of 2008, inflation-adjusted oil prices hit a high of $125 per barrel. They crashed by 66% shortly thereafter due to the global financial crisis.
- 50 Years of Price Turmoil
- Formation of OPEC
- Arab Oil Embargo
- Iranian Revolution
- Reagan Deregulates U.S. Oil Industry
- First Gulf War
- The 2008 Oil Shock
- Recession and Financial Crisis
- The U.S. Shale Oil Revolution
The latest turmoil marks another dramatic chapter in the history of oil, which has seen wild swings over the span of five decades. Those price moves have been sparked by a long list of seminal events, including the Arab oil embargo of the early 1970s, the First Gulf War in the early 1990s, the Great Recession of 2007-2009, and now the 2020 crisis. ...
The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1960. The stated objective of member countries was "to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers." OPEC members function as a cartel, seeking to maximize their oil sales revenue by ad...
In retaliation for U.S support of Israel in the Yom Kippur War of 1973, oil-producing Arab nations cut off crude exports to the U.S. As a result, the price of crude oil soared from about $24 to $56 per barrel by early 1974.
The pro-Western Shah fled Iran in January of 1979, with the anti-Western Grand Ayatollah Ruhollah Khomeini emerging as the leader of an Islamist government that takes control. A sharp drop in Iranian production as a result of the political unrest sent crude oil prices even higher than during the Arab oil embargo. Oil jumped from about $56 per barre...
Shortly after taking office in 1981, President Ronald Reagan signed an executive order abolishing price and allocation controls on domestic oil and gasoline production and distribution. The price of crude fell from almost $113 per barrel in January 1981 to about $26 by mid-1986.
In August 1990, Iraq invaded Kuwait, sending the price of oil soaring from about $34 per barrel to nearly $77. After a U.S.-led military coalition succeeded in removing Saddam Hussein's Iraqi forces from Kuwait in early 1991, the price fell to about $37.
In 2008, a series of events that cut global production sharply led to a significant spike in oil prices. Venezuela cut off sales to Exxon Mobil in a legal battle over nationalization of that company's properties. Exports from Iraq had not recovered from the most recent war in the region, and labor strikes reduced production in Nigeria and the U.K.'...
The second half of 2008 was marked by a deepening economic recession, accompanied by a severe financial crisis that impacted oil and gas prices. Oil sank to the low $50s per barrel by January 2009 before rebounding to nearly $95 by year-end as the global economy recovered.
U.S. oil and gas output increased by about 57% over the past decade until early 2020 as advances in fracking technology unlocked vast reserves in various areas of the country. Fracking returned the U.S. to the status of one of the world's biggest oil producers, reducing U.S. demand for imported oil and turning the U.S. into a net exporter. At its p...
- Mark Kolakowski
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. 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 ...
Crude Oil increased 5.53 USD/BBL or 7.72% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 147.27 in July of 2008.
This graph, taken from BP’s 2015 “Statistical Review of World Energy” report, shows crude oil prices, measured in US dollars per barrel, from 1861 to 2014.
