What does ‘Brent crude oil spot price’ mean?

Crude oil — the physical asset being brought or sold, in this case, crude oil with minimal processing Spot price — the present price indicator at which an asset can be purchased or sold on the market So, when you see a price tag named ‘Brent crude oil spot price’, it refers to the current market price of Brent blend crude oil.

What is the WTI crude oil spot price?

Today’s WTI crude oil spot price of $94.14 per barrel is up 3.17% compared to one week ago at $91.25 per barrel. WTI crude oil also opened 2021 with an uptrend at $48.27 per barrel. WTI crude had a series of rallies and tumbles to reach a year-high price of $84.06 per barrel in late October 2021.

What is the spot market?

Spot market. The spot market for crude oil and refined products refers to the trade of large physical cargoes or parcels in one-off transactions for near-term delivery. While this market accounts for a small portion of overall crude and products transactions, it plays a critical role in setting prices for most other transactions.

Who are the main players in the crude oil spot markets?

The main players in these crude oil spot markets are of course the oil companies which act directly on the markets through their trading services or their subsidiaries. As for the spot markets for refined products, they are generally found around the refining areas. This explains why there are so many.