Crude Oil Prices Today Brent and WTI Price Charts

In Brent crude oil’s instance, these reserves are under the seafloor, while WTI crude oil is extracted from reserves located under dry land. That’s the first component of oil prices — the extraction process and machinery required. Read on to learn more about the live crude oil price you see historically, or on active trading days. For example, the Brent/WTI spread hit nearly $14/bbl in April 2011 when protests sparked market fears of significant oil supply disruptions in the Middle East. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and this will continue to rise further.

Brent crude oil trades six days a week, so based on which day you’re looking at crude oil spot prices, you may be getting the last recorded live price. At local time on Sundays for your chosen exchange, you’ll almost certainly get the last Brent crude oil spot price that the market closed with. The pricing of WTI and Brent oil futures is based on the underlying spot prices of the respective crude oils. Spot prices represent the current market value of oil for immediate delivery. Futures prices are determined by market participants’ expectations of future supply, demand fundamentals, conditions, storage costs, interest rates, and other relevant factors. The relationship between the futures and spot prices is influenced by market sentiment and the cost of carrying oil inventories.

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WTI Oil Price

Today’s WTI crude oil spot price of $75.24 per barrel is up 0.37% compared to one week ago at $74.96 per barrel. Today’s Brent crude oil spot price is at $78.70 per barrel, up by 1.65% from the previous trading day. In comparison to one week ago ($78.24 per barrel), Brent oil is up 0.59%. The All Futures page lists all open contracts for the commodity you’ve selected.

1. Technological developments and changes in resource distributions along the oil supply chain will also impact crude oil spot prices.
2. From time to time new oil resources come online — like Canadian oil sands or US crude oil from oil shale — these add to the global supply.
3. Brent crude oil opened the year of 2020 amidst an uptrend that began in November 2020 from $38.84 per barrel and continued the rally to $68.72 per barrel until early March 2021.
4. Live charts, historical data, futures contracts, and breaking news on WTI prices can be found below.
5. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions.

For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. These are standardised products used to determine the prices for all other types. The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals. Additionally, factors specific forex broker rating to each benchmark, such as infrastructure constraints or political stability in the respective regions, can affect their prices.

What are oil futures?

If a trader holds a contract until expiration and does not offset or roll over the position, they must provide or take delivery of the actual crude oil. Brent futures, on the other hand, can be settled financially. Today’s live Brent crude oil spot price is at $78.70 per barrel. That’s up 0.59% from last week’s price of $78.24 per barrel.

The abbreviation indicates one barrel of crude oil, but you may see Gbbl (one billion barrels), as well as Mbbl (one million barrels) or Kbbl for one thousand barrels. For example, you can see that Brent crude oil spot prices are quoted by the barrel (bbl), as are West Texas Intermediate (WTI) oil prices on global futures exchanges like NYMEX. WTI (West Texas Intermediate) and Brent are two major benchmarks for crude oil prices. WTI represents oil extracted in the United States, primarily from wells in Texas, while Brent represents oil extracted from the North Sea, primarily in the United Kingdom.

Crude oil prices today: WTI is trading at $74.47

Intraday futures prices are delayed 10 minutes, per exchange rules, and are listed in CST. Overnight (Globex) prices are shown on the page through to 7pm CT, after which time it will list only trading activity for the next day. Once the markets have closed, the Last Price will show an ‘s’ after the price, indicating the price has settled for the day. The page will always show prices from the latest session of the market. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.

Compared to today’s price of $75.24 per barrel, the price is down by 0.86%. Exactly one month ago, Brent crude oil’s spot price was at $78.50 per barrel. Compared to today’s price of $78.70 per barrel, the price is up 0.25%.

Can WTI and Brent oil futures be used for hedging purposes?

Each contract represents a specific quantity (typically 1,000 barrels) of oil to be delivered at a specified future date. Traders can buy or sell these contracts, aiming to profit from price fluctuations. The futures price reflects market expectations for the future value of oil. Today’s live Brent crude oil spot price is at $75.24 per barrel. That’s up by 0.37% from the price of $74.96 per barrel one week ago. WTI crude oil trades from Sunday through to Friday, 5 PM to 4 PM CT.

Extraction costs are typically higher for new resources, meaning these oils are only competitive in lower-supply, high-price environments. Unique to Barchart.com, data tables contain an option that allows you to see more data for the symbol without leaving the page. Click the “+” icon in the first column (on the left) to view more data for the selected symbol. Scroll through widgets of the different content available for the symbol.

From time to time new oil resources come online — like Canadian oil sands or US crude oil from oil shale — these add to the global supply. New sources can exert a downward force on oil prices, even in times of heavy demand. These exchanges offer electronic trading platforms where traders can execute transactions and manage their positions. While Brent and WTI have distinct characteristics, their prices are interconnected. Global events, supply and demand factors, and market sentiment can cause prices to converge or diverge between the two benchmarks. Oil futures are financial contracts that allow participants to buy or sell a specific quantity of oil at a predetermined price on a future date.

Crude oil is one of the most important commodities in the world, serving as a key energy source and as a raw material used to produce plastics, chemicals and other products. Nearly all the crude oil imported or produced in the U.S. is refined into petroleum products, including gasoline, diesel fuel and heating oil. Brent futures traded at $78.09/bbl, an increase of 0.19% in the last 24 hours. View the latest top stories from our trusted partners, with a focus on today’s futures and commodity markets. Blueprint is an independent publisher and comparison service, not an investment advisor.

The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. The difference between the spot price of Brent crude and WTI crude is called the Brent/WTI spread. Brent crude is a sweet, light blend of oils extracted from the North Sea near Europe. Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions.

It reached its 52-week high of $96.62 on Sep. 27, 2023. WTI crude fell to its 52-week low of $67.81 per barrel on Dec. 13, 2023. It reached its 52-week high of $95.52 on Sep. 27, 2023.