Welcome to browse the page of WTI Crude Oil History Price which shows the current WTI crude oil price and its fluctuation width, previous close price and open price, etc. It also shows the WTI crude price history charts. According to the WTI Crude Price History, we may Analysis what factors affected the WTI crude history price, and forecast the tendency of the future price.
WTI Crude Oil Price Per Barrel
WTI Crude Oil Price
71.41 US Dollar +0.18 (+0.25%)
Prev. Close: $71.23
Day's Range: $70.35 - $71.81
Prices Updated: Dec 11, 2023 at 21:25 NY Time
WTI Oil Price Chart
WTI Oil Prices In US Dollar
|Date||WTI Oil Price||Brent Oil Price|
WTI Crude History
From the history charts, we can see that the price of West Texas Intermediate (WTI) is never immutable. Like the price of gold, its price experiences wide price swings in times of shortage or oversupply. The price of crude oil may fluctuate violently affected by external factors, such as global macroeconomic conditions, political, war, market speculation, the value of the U.S. Dollar.
First oil shock and Second oil shock
In October 1973, the members of the Organization of Arab Petroleum Exporting Countries (OAPEC, including the Arab members of the OPEC plus Egypt, Syria, and Tunisia) announced an oil embargo in response to American involvement in the 1973 Yom Kippur War. By the end of the oil embargo in March 1974. the price of oil had risen from $3 per barrel to nearly $12. This oil crisis had a major impact on the stock market as well as international relations and created a rift within NATO. The second oil crisis (or oil shock) occurred in the United States in 1979 because of decreased oil output in the wake of the Iranian Revolution. The global oil supply decreased by only ~4%, however, the widespread panic resulted in the price far higher than justified by supply. The price of crude oil rose to $39.50 per barrel over the next 12 months.
The 1980s Oil Glut
After the 1970s Energy Crisis, the oil crisis was broken out again. The falling demand, resulting in a serious surplus of crude oil, which was the 1980s oil glut. It began in the early 1980s. Due to the oil crisis of the 1970s (especially in 1973 and 1979 oil shock), slowed economic activity in industrial countries, and the energy conservation spurred by high fuel prices resulted in an oil glut. The world price of crude oil had peaked in 1980 at over US$35 per barrel, hereafter, and fell from $27 to below $10 in 1986. This 1980s oil glut caused a six-year-long decline in oil prices culminating with a 46 percent price drop in 1986. In 1990, the oil price spike was affected by the Iraqi invasion of Kuwait. Average monthly prices of oil rose from $17 per barrel in July to $36 per barrel in October. Its price began to fall when the U.S.-led coalition experienced military success against Iraqi forces. From 1999 to mid-2008, the price of crude oil rose significantly due to the rising oil demand in countries like India and China. In 2008, after the beginning of the longest U.S. recession since the Great Depression, the oil price continued to soar. In July 2008, WTI reached a record peak of $145.31/barrel. Afterward, the price of oil began to fall. By the end of December 2008, the price of WTI had bottomed out at $30.28. The price of oil sharply rebounded and rose to US$82 per barrel in 2009. From January 2011 to June 2014, the price of oil largely remained in the $90–$120 range. Then, the price started declining owing to a significant increase in oil production in the USA, and declining demand in the emerging countries.