It cut production to revive prices. By April 2019, prices had returned to a range above $65/b. What does it say about the economic rebound? Wants Bankrupt Offshore Drillers To Pick Up The Tab For Abandoned Wells, UK Energy Firms Could Switch Off EV Chargers As Demand Peaks, Pompeo Promotes U.S. Companies To New Oil Nations Guyana, Suriname, Libya To Lift Force Majeure On Exports Only If Military Exits Oil Facilities, UK Car Buyers Aren’t Sold On Electric Vehicles, Permian in for Prosperous and Bright Future, America Could Go Fully Electric Right Now, Kalifornistan, CO2, clueless politicians, climate hustle, JP Morgan Christyan Malek, report this Summer .. . The U.S. Energy Information Administration said last week that storage at Cushing, Oklahoma, the heart of the U.S. pipeline network, was about 72% full as of April 10. They'll drive prices up even if they only think there will be a surge in demand, such as during the summer driving season. Intraday Data provided by FACTSET and subject to terms of use. A period over which US inflation has risen +2870% and the S&P 500 +31746505% in total return terms,” the analysts wrote. Cookie Notice. U.S. Energy Information Administration. Bribery, Oil Finds And Ethanol Deals: A Big Week For Brazil, Iran Opens Navy Base At World’s Most Crucial Oil Chokepoint, Value Of Russia's Oil Reserves Drops By $129 Billion, Stronger U.S. Dollar Weighs On Gold Prices, Three Libyan Oil Ports Open For Shipping Crude, Iraq Wants OPEC+ To Approve Higher Oil Exports, EIA Sees Global Oil Market Balancing By End-2021, Despite Recent Commitments, Big Oil Still Behind On Climate Change, Airbus Reveals Hydrogen-Powered Concept Airplanes For 2035, Iran And Venezuela Defy U.S. Sanctions In Bilateral Oil Trade, Oil Holds Gains As Large Gasoline Draw Offsets Crude Build, Australia Plans US$13B Investment In Low-Emission Tech, Chinese Oil Giant Could Buy Exxon's North Sea Assets, China Promises To Do More To Tackle Climate Change, Pompeo: We are Building A Coalition Against Nord Stream 2, India Topped Its Strategic Petroleum Reserves With $19 A Barrel Oil, Canada’s No.1 Oil Hub Lost Its Only School, Tesla's “battery day” Could Be Bad News For Cobalt Miners, CNOOC Begins Production At New Oilfield In South China Sea, Canadian Miner Wants To Put Date On Sale Of Citgo Parent Company, U.S. OPEC halted oil exports to the United States in 1973. Crude Oil Prices Today - Live Chart. The price of oil is affected by global economic conditions and supply and demand as well as market speculation. They began using up surplus reserves. Mark DeCambre is MarketWatch's markets editor. As much as 30 million barrels per day - what used to be 30% of global demand - has been pumped into storage worldwide in the past two or three months. U.S. Energy Information Administration. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. US:CLK20, Yes! The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS). Domestic oil was plentiful. Since then, political, economic, and other changes have rocked the oil landscape. Domestic oil was plentiful. The current price of WTI crude oil as of September 21, 2020 is 39.45 per barrel. Energy.gov. World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. In January 2020, many governments began restricting travel and closing businesses to stem the coronavirus pandemic. Please check your download folder. By using our website you consent to all cookies in accordance with our updated Cookie Notice. A barrel is one of several units of volume applied in various contexts; there are dry barrels, fluid barrels (such as the U.K. beer barrel and U.S. beer barrel), oil barrels, and so forth.For historical reasons the volumes of some barrel units are roughly double the volumes of others; volumes in common use range approximately from 100 to 200 litres (22 to 44 imp gal; 26 to 53 US gal).