Watch Crude oil prices as of late: WTI is trading at $67.30 WTI Crude Oil News

What is the present oil worth as of late?

WTI futures traded at $67.30 in line with barrel, as of 9 a.m. ET. Year thus far, WTI prices are down via 8.36%.

Brent futures traded at $70.78/bbl, a drop of 0.84% within the final 24 hours. Year thus far, Brent prices are down via 10.47%.

What is the West Texas Intermediate (WTI) crude oil worth as of late?

WTI futures fell via 0.88% to $67.30/bbl, as of 9 a.m. ET.

WTI chart

West Texas Intermediate prices have drifted decrease in 2024, however prices are down 11.61% over the last 3 years.

WTI crude fell to its 52-week low of $64.78 in line with barrel on Sep. 10, 2024. It reached its 52-week prime of $95.52 on Sep. 27, 2023. That’s 29.54% upper than the present futures worth.

Brent crude oil worth as of late

Brent futures fell via 0.84% to $70.78/bbl, as of 9 a.m. ET.

Brent crude chart

Brent crude oil is usually topic to the similar provide and insist components that affect WTI crude prices, so the long-term worth chart seems extraordinarily very similar to the WTI chart.

Brent crude oil prices hit their all-time prime of $147.50/bbl all over the oil marketplace growth in July 2008. However, WTI futures contract prices dropped to as little as destructive $40/bbl on April 20, 2020, pushed in large part via a loss of U.S. garage choices all over the COVID-19 pandemic. Brent futures contracts remained smartly above 0, bottoming at round $25/bbl that day.

Brent crude fell to its 52-week low of $68.33 in line with barrel on Sep. 11, 2024. It reached its 52-week prime of $94.29 on Oct. 2, 2023. That’s 24.93% upper than the present futures worth.

What is crude oil? And what is crude used for?

Crude oil is one of the vital vital commodities on this planet, serving as a key power supply and as a uncooked subject matter used to provide plastics, chemical compounds and different merchandise. Nearly all of the crude oil imported or produced within the U.S. is subtle into petroleum merchandise, together with fuel, diesel gasoline and heating oil.

The prices of U.S. WTI crude oil and world Brent crude oil are influenced via a number of components that may exchange the marketplace’s provide and insist steadiness.

The climate within the U.S. marketplace can significantly modify near-term call for for heating oil and herbal gasoline, sending crude oil prices upper.

Natural screw ups and geopolitical conflicts international can disrupt manufacturing and create oil provide shortages. The U.S. and international economies revel in a lot upper business power call for all over sessions of robust financial expansion and decrease call for all over financial downturns. Finally, the Organization of the Petroleum Exporting Countries can considerably modify international crude oil provides via expanding or reducing manufacturing.

WTI

WTI crude is a mix of oils extracted from U.S. oilfields in Texas, North Dakota and Louisiana and is brought to Cushing, Oklahoma.

WTI oil has an American Petroleum Institute gravity of 39.6 levels, thought to be “light.” WTI additionally has a sulfur content material of simply 0.24%, making it very “sweet.” WTI crude oil is in most cases the benchmark for U.S. oil prices within the trading global.

Brent crude

Brent crude is a candy, gentle mix of oils extracted from the North Sea close to Europe.

Brent crude is oil extracted from the Brent, Ekofisk, Forties and Oseberg oil fields. Brent has an API gravity of 38 levels and a sulfur content material of 0.4%, making it relatively heavier and no more candy than WTI. Brent is in most cases used as a benchmark for world oil markets, equivalent to markets within the Middle East, Europe and Africa.

WTI vs. Brent crude

WTI and Brent crude oil blends are each candy, gentle crude oil bends used as benchmarks in monetary markets. However, there are 5 key variations between WTI and Brent:

• Extraction: WTI is extracted from U.S. oilfields in Texas, North Dakota and Louisiana, whilst Brent crude is extracted from the North Sea close to Europe.
• Composition: WTI is relatively lighter and sweeter than Brent oil.
• Geopolitics: WTI prices are extra closely influenced via U.S. politics and insurance policies, whilst world politics and embargoes have a better affect on Brent prices.
• Exchange: Brent crude futures contracts are basically traded at the Intercontinental Exchange (ICE), whilst WTI futures contracts are basically traded at the New York Mercantile Exchange (NYMEX).
• Pricing: WTI and Brent crude oil prices are very extremely correlated, however Brent oil has traditionally traded at a slight pricing top class to WTI.

Brent Crude/WTI unfold

The distinction between the spot worth of Brent crude and WTI crude is known as the Brent/WTI unfold.

The Brent/WTI unfold has traditionally ranged between $4/bbl and $8/bbl, however it may possibly extend or contract in accordance with components associated with U.S. and world provide and insist stipulations. For instance, the Brent/WTI unfold hit just about $14/bbl in April 2011 when protests sparked marketplace fears of important oil provide disruptions within the Middle East.

Crude oil futures prices

One of the preferred techniques buyers speculate on crude oil and different commodity prices is via trading futures contracts. Futures contracts are agreements to shop for or promote a standardized quantity of an asset at a selected worth on a specific long run date.

WTI crude futures

The most well liked WTI crude oil futures contracts are traded at the NYMEX. Each CL contract represents 1,000 barrels of oil, and the contracts business Sunday to Friday from 6 p.m. to five p.m. U.S. ET.

Brent crude futures

The most well liked Brent Crude Oil futures contracts are traded at the ICE beneath the emblem B, however buyers too can business the contracts at the CME Globex trading platform beneath the emblem BZ. Trading hours for Brent futures on CME are the similar as WTI futures: Sunday to Friday from 6 p.m. to five p.m. U.S. ET. But Brent futures on ICE business from 8 p.m. to six p.m. U.S. ET on ICE trade days.

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