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Get updated data about energy and oil prices. Find natural gas, emissions, and crude oil price changes.
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www.eia.gov › todayinenergy › detailCrude oil prices increased in first-half 2022 and declined in ...

www.eia.gov › todayinenergy › detail
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Jan 4, 2023 · The WTI price followed a similar path as the Brent crude oil price in 2022, averaging $5/b less than the Brent crude oil price, compared with $3/b less in 2021. The Brent-WTI crude oil spread (the difference between the two prices) increased in 2022 relative to 2021 because European countries needed to replace crude oil supplies they were importing from Russia with crude oil from another source.
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www.macrotrends.net › 2516WTI Crude Oil Prices - 10 Year Daily Chart | MacroTrends

www.macrotrends.net › 2516
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The current price of WTI crude oil as of May 16, 2024 is $79.18 per barrel. Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.
Year
Averageclosing Price
Year Open
Year High
2024
$78.85
$71.65
$87.01
2023
$77.64
$80.26
$93.84
2022
$94.53
$76.08
$123.70
2021
$68.17
$47.62
$84.65
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How much did crude oil cost in 2022?
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.

Crude oil prices increased in first-half 2022 and declined in second

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How much does Brent crude oil cost in 2022?
Data source: CME Group, Intercontinental Exchange, and Bloomberg L.P.Note: Retail prices are in nominal terms and are not adjusted for inflation. In the final trading day of 2022, the spot price of Brent crude oil, a global benchmark priced in Northwest Europe, closed at $85 per barrel (b), $7 higher than the price on January 3, 2022 ($78/b).

Crude oil prices increased in first-half 2022 and declined in second

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Why did the Brent-WTI crude oil spread increase in 2022?
The Brent-WTI crude oil spread (the difference between the two prices) increased in 2022 relative to 2021 because European countries needed to replace crude oil supplies they were importing from Russia with crude oil from another source. European markets were also affected by a strong U.S. dollar that made imported crude oil more expensive.

Crude oil prices increased in first-half 2022 and declined in second

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Why did crude oil prices decrease in 2022?
From June 8 through the remainder of 2022, crude oil prices generally decreased as concerns about a possible economic recession reduced demand. High petroleum prices were one cause of persistent broad-based inflation in 2022 that affected consumer budgets and gasoline demand.

Crude oil prices increased in first-half 2022 and declined in second

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