In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and will rise further. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and this will continue to rise further. We also explain what oil blends are (like Brent and WTI), and ways you can speculate on live crude oil spot prices without having to buy physical barrels. Brent futures have been trading within a narrow bandwidth of $73-74 per barrel, but the return of geopolitical risk has pushed oil prices higher – recouping most of November’s losses to date. Whilst Russia’s launch of hypersonic missiles into Ukraine is keeping the markets busy for now, the contours of an OPEC+ meeting taking place next weekend are looming large for oil. Expect a lot of OPEC+ policy speculation in the coming week.

Today’s live Brent crude oil spot price is at $71.09 per barrel. That’s up by 6.15% from the price of $66.97 per barrel one the misbehavior of markets week ago. WTI crude oil trades from Sunday through to Friday, 5 PM to 4 PM CT. If you check live prices on Saturdays, you will always see the last recorded WTI crude price from the previous Friday. Technological developments and changes in resource distributions along the oil supply chain will also impact crude oil spot prices. The increased focus on renewable energy is already accelerating such changes.

Buy the postelection dip in renewable energy stocks amid ‘unrelenting’ demand for power, UBS says

The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. Oil prices could drop to the low $60s by the end of 2026 if demand takes a hit from Trump’s sweeping tariffs, Goldman Sachs says. Brent crude oil opened the year of 2020 amidst an uptrend that began in November 2020 from $38.84 per barrel and continued the rally to $68.72 per barrel until early March 2021.

Eurozone PMI sounds the alarm about growth once more

Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time.

What is today’s WTI crude oil price?

The highest ever historical WTI crude oil price was at $141.63 per barrel. Other significant recent historical highs include $77.74 per barrel in Jul, 2006 and $109.50 per barrel in Aug, 2013. Today’s WTI crude oil spot price of $71.09 per barrel is up 6.15% compared to one week ago at $66.97 per barrel. WTI crude oil’s spot price was at $71.43 per barrel one month ago. Compared to today’s price of $71.09 per barrel, the price is down by 0.48%.

1. 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.
2. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.
3. Weak Chinese demand contributes to the WTI’s downside as China is the world’s largest crude importer.
4. The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil.

Federal Reserve Economic Data

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WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively.

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The types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. These are standardised products used to determine the prices for all other types. Crude oil as a commodity, its futures alpari forex broker review are the world’s most actively traded commodity. Such as the Iraqi invasion of Kuwait in 1990, the average monthly price of oil rose from $17 per barrel in July to $36 per barrel in October.

Please review the copyright information in the series notes before sharing. Marko has been working on the road for over 5 years, and is currently based in Europe. Alongside writing and editing, Marko works on projects related to online technology and digital marketing. Everything you wanted to know about commodity trading.

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