Watch Crude oil prices today: WTI prices are down 2.39% today WTI Crude Oil News

What is the cost of crude oil today?

WTI futures traded at $70.16 in step with barrel, as of 9 a.m. ET. Year up to now, WTI prices are down by way of 4.47%.

Brent futures traded at $73.42/bbl, a drop of one.86% within the final 24 hours. Year up to now, Brent prices are down by way of 7.13%.

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

WTI futures fell by way of 2.39% to $70.16/bbl, as of 9 a.m. ET.

WTI chart

West Texas Intermediate prices have drifted decrease in 2024, however prices are down 4.28% over the last 3 years.

WTI crude fell to its 52-week low of $64.78 in step with barrel on Sep. 10, 2024. It reached its 52-week top of $95.52 on Sep. 27, 2023. That’s 26.55% upper than the present futures worth.

Brent crude oil worth today

Brent futures fell by way of 1.86% to $73.42/bbl, as of 9 a.m. ET.

Brent crude oil worth 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 appears 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 increase in July 2008. However, WTI futures contract prices dropped to as little as detrimental $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 in step with barrel on Sep. 11, 2024. It reached its 52-week top of $96.22 on Sep. 28, 2023. That’s 23.70% upper than the present futures worth.

What is crude oil?

Crude oil is among the maximum necessary commodities on the planet, serving as a key power supply and as a uncooked subject matter used to supply plastics, chemical compounds and different merchandise. Nearly all of the crude oil imported or produced within the U.S. is delicate into petroleum merchandise, together with gas, diesel gas and heating oil.

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

The climate within the U.S. marketplace can enormously regulate near-term call for for heating oil and herbal fuel, 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 classes of sturdy financial enlargement and decrease call for all over financial downturns. Finally, the Organization of the Petroleum Exporting Countries can considerably regulate international crude oil provides by way of 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, regarded as “light.” WTI additionally has a sulfur content material of simply 0.24%, making it very “sweet.” WTI crude oil is generally the benchmark for U.S. oil prices within the buying and selling 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 quite heavier and no more candy than WTI. Brent is generally used as a benchmark for world oil markets, reminiscent of 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 quite lighter and sweeter than Brent oil.
• Geopolitics: WTI prices are extra closely influenced by way of U.S. politics and insurance policies, whilst world 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 rate to WTI.

Brent Crude/WTI unfold

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

The Brent/WTI unfold has traditionally ranged between $4/bbl and $8/bbl, however it might probably extend or contract in accordance with components associated with U.S. and world 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.

What are oil futures?

One of the most well liked techniques traders speculate on crude oil and different commodity prices is by way of buying and selling 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 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 underneath the emblem B, however traders too can business the contracts at the CME Globex buying and selling platform underneath 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 industry days.

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