Brent crude is oil extracted from the Brent, Ekofisk, Forties and Oseberg oil fields. Brent has an API gravity of 38 degrees and a sulfur content of 0.4%, making it slightly heavier and less sweet than WTI. Brent is typically used as a benchmark for international oil markets, such as markets in the Middle East, Europe and Africa. WTI crude oil and international Brent crude oil are influenced by several factors that can change the market’s supply and demand balance. Yes, WTI and Brent oil futures are commonly used for hedging purposes by participants in the oil industry. Oil producers, refiners, and other market participants often utilize futures contracts to manage their exposure to price volatility.

• Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics.
• OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
• WTI crude futures and options are the world’s most actively traded energy product.
• Today’s live Brent crude oil spot price is at $64.93 per barrel.
• It requires a deep understanding of the oil market, risk management techniques, and the ability to monitor positions actively.

Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information. Anyone can buy or sell popular oil stocks simply by opening and funding a standard brokerage account. West Texas Intermediate prices have drifted lower in 2024, but prices are down -2.66% over the past three years. Brent futures rose by 0.13% to $75.41/bbl, as of 9 a.m. WTI futures rose by 0.00% to $71.53/bbl, as of 9 a.m.

What is the current oil price today?

WTI and Brent oil futures are standardized contracts traded on futures exchanges. 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.

It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil bdswiss forex broker review market and WTI price is frequently quoted in the media. As with all commodities, oil prices are driven by supply and demand. However, the global pool of oil and the ease with which oil moves around the world levels some of these price pressures, and no one oil producer to completely dominate the world market.

Brent crude chart

API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency. WTI Oil is a type of 4 take profit exit strategies to make you a better trader Crude Oil sold on international markets.

Energy

• 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.
• A sector once viewed as a classic Trump trade has been left behind by investors this year, but there are several reasons it could soon rally, BofA said.
• 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.
• If you check live prices on Saturdays, you will always see the last recorded WTI crude price from the previous Friday.
• Compared to today’s price of $64.93 per barrel, the price is up 7.61%.

The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined.

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. Read on to learn more about the live crude oil price you see historically, or on active trading days. 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. Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions.

Related Data and Content

The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. The most popular WTI crude oil futures contracts are traded on the NYMEX. Each CL contract represents 1,000 barrels of oil, and the contracts trade Sunday to Friday from 6 p.m. Crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development.

Oil Prices Rebound: Can the ETF Rally Last?

The current price of West Texas Intermediate (WTI) crude oil today is $63.40 per barrel. Live charts, historical data, futures contracts, and breaking news on WTI prices can be found below. Today’s live Brent crude oil spot instaforex review price is at $62.49 per barrel.

Brent futures fell by 0.21% to $71.12/bbl, as of 9 a.m. WTI futures rose by 0.18% to $67.67/bbl, as of 9 a.m. Select automatic updates to the data or a static time frame. SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you’re a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Finally, the Organization of the Petroleum Exporting Countries can significantly alter global crude oil supplies by increasing or cutting production. The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices.

Exactly one month ago, Brent crude oil’s spot price was at $60.34 per barrel. Compared to today’s price of $64.93 per barrel, the price is up 7.61%. Welcome to browse the page of WTI Crude Oil Price which shows the current WTI crude oil price and its fluctuation width, previous close price and open price, etc. WTI Crude Oil Price is a grade of crude oil that served as a benchmark in oil pricing, therefore, it is essential to take attention to the prices of WTI crude oil. The Brent/WTI spread has historically ranged between $4/bbl and $8/bbl, but it can expand or contract based on factors related to U.S. and international supply and demand conditions.

To buy and sell crude oil futures contracts, you must open a brokerage account that offers commodity futures trading. The primary futures contracts for WTI crude oil trades on the NYMEX under CL. The primary futures contracts for Brent crude oil trades on the ICE under the symbol B. Brent crude oil prices hit their all-time high of $147.50/bbl during the oil market boom in July 2008. However, WTI futures contract prices dropped to as low as negative $40/bbl on April 20, 2020, driven largely by a lack of U.S. storage options during the COVID-19 pandemic. Brent futures contracts remained well above zero, bottoming at around $25/bbl that day.