Are Brent & WTI crude oil prices rising?

Spot prices of Brent, an international crude oil benchmark, and West Texas Intermediate (WTI), a U.S. crude oil benchmark, have risen since their April 2020 lows and are now above pre-pandemic levels. In October, the price of Brent crude oil averaged $84/b, and the price of WTI averaged $81/b, the highest nominal prices since October 2014.

What's the difference between Brent and WTI oil?

London Brent oil jumped to a three-year high at $84.38 per barrel, while New York's WTI crude leapt to a seven-year peak $81.72, though both eased lower later in the day. The price of a barrel of crude jumped by 3 per cent, or $2.32, to $78.17 on the New York Mercantile Exchange, the highest since 2014.

How much does WTI crude oil cost?

The highest ever historical WTI crude oil price was at $141.63 per barrel. Compared to today’s spot price that’s down 44%. Other significant recent historical highs include $77.74 per barrel in Jul, 2006 and $109.50 per barrel in Aug, 2013. Marko has been working on the road for over 5 years, and is currently based in Europe.