What is oil price?

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.

What are the major benchmark oil prices in the world?

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 types of oil are with different densities and sulfur content, which leads to the oil price difference. Crude oil prices are commonly measured in USD per barrel.

What is the real-time price of Brent crude oil?

The real-time price of Brent crude oil is at $85.56 per barrel, and the price of WTI crude oil is at $82.06 per barrel. Oil prices are customarily quoted in dollars (USD) around the world, not only in the US or when referring to US crude oil. See the historical price charts and analysis below.

What was the highest crude oil price ever?

The highest ever historical WTI crude oil price was at $141.63 per barrel. Compared to today’s spot price that’s down 42.06%. Other significant recent historical highs include $77.74 per barrel in Jul, 2006 and $109.50 per barrel in Aug, 2013.