Crude Oil Prices
Welcome to Oil Crude Price - a site devoted to bringing you the latest crude oil price per barrel including Brent crude oil price and WTI crude oil price. The site provides crude oil prices history charts (Brent crude price history charts and WTI crude price history charts) for the past 30 days, 90 days, 1, 5, 10 and 20 years. It also provides Crude Oil Prices table, Brent oil price futures and WTI oil price futures. Oil is one of the most important commodities in world. The fluctuation of crude oil price affects global economy, and also affects our daily lives. The oil market is quite complex, if you would like to invest in oil futures, the best way is to keep track of oil prices today and understand which factors affected the oil prices.
Crude Oil Price Per Barrel
Day's Range: $56.15 - $57.35
Day's Range: $53.87 - $54.94
Energies and Metals
What is crude oil?
Crude oil is a naturally occurring, yellow-to-black liquid found in geologic formations beneath the Earth's surface. It is a fossil fuel which is commonly refined into various types of fuels. Crude oil is distinguishing from petroleum that includes both naturally occurring unprocessed crude oil and petroleum products. Crude oil is a mixture of a very large number of different hydrocarbons including alkanes (paraffins), cycloalkanes (naphthenes), aromatic hydrocarbons, or more complicated chemicals like asphaltenes and sulfur. Each crude oil variety has a unique mix of hydrocarbons, which define its physical and chemical properties, like color and viscosity.
Oil used in our daily life
The oil is one of the most important sources used in our daily lives. We often think that petroleum is mostly used to power internal combustion engines in the form of gasoline or petrol. In fact, petroleum is not only used for transportation and producing electricity, but also used for producing clothes, plastics, beauty products and so on. Apart from the common petroleum products such as LPG, Gasoil, Gasoline, Naphtha, Bitumen, Fuel Oil, Plastics, etc, there are lots of incredible petroleum products such as bicycle tires, fishing lures, perfumes, food preservatives, dentures, lipstick, vitamin capsules, petroleum jelly and so on.
The price of oil:
The oil price or the price of oil, generally refers to the spot price of a barrel of benchmark crude oil. The major benchmark oil prices in the world contain Brent crude oil price, WTI (West Texas Intermediate) crude oil price and Dubai/Oman crude oil price. The different type of oil are with different density and sulfur content, that leads to the oil price difference. Crude oil price are commonly measured in USD per barrel. The price of oil is affected by global economic conditions and supply and demand as well as market speculation. The International Energy Agency reported that high oil prices generally have a large negative impact on global economic growth.
Measurement unit of crude oil - oil barrel
In the United States and Canada, the oil barrel (abbreviated as bbl) is a volume unit for crude oil, it is defined as 42 US gallons, which is equal to 159 liters or 35 imperial gallons. However, Outside the above two countries, volumes of oil are usually reported in cubic meters (m3) instead of oil barrels.