Watch Crude oil prices these days: WTI is trading at $67.90 WTI Crude Oil News

What is the present oil worth these days?

WTI futures traded at $67.90 consistent with barrel, as of 9 a.m. ET. Year so far, WTI prices are down by way of 7.54%.

Brent futures traded at $71.38/bbl, a drop of two.78% within the ultimate 24 hours. Year so far, Brent prices are down by way of 9.71%.

What is the West Texas Intermediate (WTI) crude oil worth these days?

WTI futures fell by way of 3.22% to $67.90/bbl, as of 9 a.m. ET.

WTI oil worth chart

West Texas Intermediate prices have drifted decrease in 2024, however prices are down 10.16% during the last 3 years.

WTI crude fell to its 52-week low of $64.78 consistent with barrel on Sep. 10, 2024. It reached its 52-week top of $95.52 on Sep. 27, 2023. That’s 28.92% upper than the present futures worth.

Brent crude oil worth these days

Brent futures fell by way of 2.78% to $71.38/bbl, as of 9 a.m. ET.

Brent crude oil worth chart

Brent crude oil is most often matter 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 top of $147.50/bbl all over the oil marketplace growth in July 2008. However, WTI futures contract prices dropped to as little as damaging $40/bbl on April 20, 2020, pushed in large part by way of a loss of U.S. garage choices all over the COVID-19 pandemic. Brent futures contracts remained neatly above 0, bottoming at round $25/bbl that day.

Brent crude fell to its 52-week low of $68.33 consistent with barrel on Sep. 11, 2024. It reached its 52-week top of $94.29 on Oct. 2, 2023. That’s 24.30% upper than the present futures worth.

What is crude oil?

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

The prices of U.S. WTI crude oil and global Brent crude oil are influenced by way of a number of components that may alternate the marketplace’s provide and insist steadiness.

The climate within the U.S. marketplace can tremendously regulate near-term call for for heating oil and herbal fuel, sending crude oil prices upper.

Natural failures and geopolitical conflicts international can disrupt manufacturing and create oil provide shortages. The U.S. and world economies enjoy a lot upper commercial power call for all over classes of robust financial expansion and decrease call for all over financial downturns. Finally, the Organization of the Petroleum Exporting Countries can considerably regulate world crude oil provides by way of expanding or slicing 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 most often the benchmark for U.S. oil prices within the trading international.

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 fairly heavier and no more candy than WTI. Brent is most often used as a benchmark for global oil markets, comparable 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 fairly lighter and sweeter than Brent oil.
• Geopolitics: WTI prices are extra closely influenced by way of U.S. politics and insurance policies, whilst global politics and embargoes have a better affect on Brent prices.
• Exchange: Brent crude futures contracts are essentially traded at the Intercontinental Exchange (ICE), whilst WTI futures contracts are essentially 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 will probably increase or contract in response to components associated with U.S. and global provide and insist prerequisites. 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 tactics traders speculate on crude oil and different commodity prices is by way of trading futures contracts. Futures contracts are agreements to shop for or promote a standardized quantity of an asset at a selected worth on a selected 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 industry 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 logo B, however traders too can industry the contracts at the CME Globex trading platform beneath the logo 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 industry from 8 p.m. to six p.m. U.S. ET on ICE trade days.

Frequently requested questions (FAQs)