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Oil (Brent)

02:47:05 PM
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52 Week Low
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Oil is rallying after report says OPEC won't nix supply cuts before next year

Business Insider 2h

Oil rallied more than 2% Wednesday after a report said that OPEC could extend supply cuts through the end of the year. ...


Oil (Brent) Latest Price

Trade Time
Daily High
Trade Date
Daily Low
52-week High
Prev. Close
52-week Low

Oil (Brent) PRICE in USD - Historical Prices

Date Closing Price Open Daily High Daily Low
05/29/2018 75.39 75.82 76.20 74.54
05/28/2018 75.30 76.11 76.17 74.49
05/25/2018 76.44 78.82 78.88 76.01
05/24/2018 78.79 79.65 79.78 78.57
05/23/2018 79.80 79.47 79.85 78.21
05/22/2018 79.57 79.36 80.49 79.16
05/21/2018 79.22 78.61 79.59 78.10
05/18/2018 78.51 79.46 79.87 78.33
05/17/2018 79.30 79.26 80.50 79.12
05/16/2018 79.28 78.10 79.35 77.61

Oil Price (Brent Crude and WTI)

The price of oil is the most important value on international commodity markets since crude oil is the most important commodity. Emerging industrial markets such as China, India and Latin America greatly influence the price of oil, since they require more and more oil to support their economic growth and resulting rise in energy consumption. The supply of crude oil is limited, however, and cannot be increased further, since it has become increasingly difficult to find and develop new oil reserves in recent years. As a result, the price of oil has a strong influence on international economic development, since it is urgently needed in all industrialized countries when supplies are limited.

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. There are different types of crude oil. 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. From there, the crude oil is transported by tanker.

Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Crude oil is also used in cosmetics and medicines. Because the supply of crude oil is limited but demand is constantly growing, the price of oil is also continuously rising. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 percent.

Because the crude oil industry has developed hardly at all in recent years due to a lack of investment capital for discovery, extraction and further processing, global production can barely meet the high demand for crude oil from countries such as the USA, China or India. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and will rise further.

On an international level there are a number of different types of crude oil, each of which have different properties and prices. The different types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. These are standardized 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.

The most important trading venue for European Brent Crude Oil is the International Petroleum Exchange in London.

Unit conversion for Oil (Brent) Price Today

Conversion Oil (Brent) Price
1 Barrel ≈ 0,136 Tonnes of Crude Oil Oil (Brent) Price Per 1 Ton 418.38 USD
1 Barrel = 42 Gallons Oil (Brent) Price Per 1 Gallon 1.35 USD
1 Barrel ≈ 158,98 Liters Oil (Brent) Price Per 1 Liter 0.36 USD
1 Barrel = 336 Pint Oil (Brent) Price Per 1 Pint 0.17 USD


Name Price % Unit Date
Natural Gas (Henry Hub) 2.89
0.59 USD per MMBtu 5/30/18 02:42 PM
Ethanol 1.46
-0.95 USD per Gallon 5/30/18 01:54 PM
Heating Oil 58.91
1.83 USD per 100 Liter 5/30/18 02:41 PM
Coal 61.05
0.00 USD per Ton 5/29/18 08:00 AM
Uranpreis 22.75
0.00 USD per 250 Pfund U308 5/29/18 01:44 PM
Oil (Brent) 77.61
2.88 USD per Barrel 5/30/18 02:42 PM
Oil (WTI) 68.26
2.08 USD per Barrel 5/30/18 02:43 PM