COMMODITY · USD/bbl
WTI crude oil
West Texas Intermediate crude, a leading benchmark for international oil prices, traded per barrel (bbl).
Price$94.20-$0.89 · -0.94%vs previous day
Price
US dollar futures| Price | $94.20 (USD/bbl) |
|---|---|
| vs previous day | -0.94% |
| 52-week high | $119.48 |
| 52-week low | $54.98 |
| 52-week position | 61% (0% = 52-week low, 100% = 52-week high) |
WTI crude oil: what it is
WTI (West Texas Intermediate) is crude produced around Texas in the US and, together with Brent, serves as a benchmark for world oil prices. Oil feeds into gasoline, electricity rates and shipping costs, which makes it a leading commodity for overall prices.
Fuel prices at Korean gas stations usually combine Dubai crude, Singapore product prices, the exchange rate and taxes, so they can move in a similar direction to WTI but by a different amount.
What has moved the price
- Supply: OPEC+ and US shale
Production cuts and increases decided by the OPEC+ producer group and changes in US shale oil output are the main supply-side factors. The weekly crude inventory report from the US Energy Information Administration (EIA) is also closely watched.
- Demand: the world economy
Oil demand is closely tied to industrial activity and transport volumes, and there have been many cases in which prices fell as concern about weaker demand grew during economic slowdowns.
- Geopolitical risk
Conflicts and sanctions in major producing regions such as the Middle East have repeatedly raised fears of supply disruption and moved prices sharply in a short time.
This describes general tendencies observed in the past and does not forecast the direction of future prices.
Reading the unit
Crude oil trades per barrel (about 158.9 L). The two main international benchmarks are WTI in the US and Brent in Europe. This page shows the price of WTI futures (NYMEX CL).
Points to keep in mind
- Oil prices can move several percent in a single day on geopolitical events.
- Because of the futures roll, returns on oil-linked financial products can differ from changes in the oil price.
- In April 2020, WTI futures fell below zero for the first time ever.
This page is information based on public data and is not advice on any commodity or related financial product. The figures summarize current and past facts and do not forecast future prices.