Characteristic Average crude oil price in U.S. dollars per barrel
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2020 41.96
2019 64.3
2018 71.34
2017 54.25
Is Brent Crude same as crude oil?
WTI is considered the benchmark for US-produced crude oil, while Brent is considered an international benchmark, based on crude oil extracted from the North Sea.
Why is crude oil called Brent?
Brent is the name given to a relatively light crude oil made from a blend of crudes from 19 oil fields in the North Sea. Brent is an acronym for Broom, Rannoch, Etive, Ness and Tarbert the five geological formations that form the Middle Jurassic field.
What is Brent Crude and WTI crude?
West Texas Intermediate (“WTI”) and Brent are the two contract types that dominate futures markets for crude oil. WTI is considered the benchmark for US-produced crude oil, while Brent is considered an international benchmark, based on crude oil extracted from the North Sea.
Why is US crude cheaper than Brent?
Another reason is that WTI supplies are produced in landlocked areas, and nowadays need to be transported to the coast, where most refineries are located. Because of growth in U.S. oil production, there's a glut of oil supply in the U.S. midwest. So WTI now trades at a price “discount” to Brent oil.
What was the highest price for Brent crude?
Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on February of 2022.