OIL (BRENT) PRICE
COMMODITY
59.04
USD
-1.87
(-3.07%)
11:16:51 AM
EDT MI Indication*
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Prev. Close
60.91
Open
61.07
Day Low
Day High
59.08
61.08
59.30
52 Week Low
52 Week High
49.93
86.74
59.30
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Date7/6/2018Close77.11Open0.00High0.00Low0.00Volume0
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N E W S F O R O I L ( B R E N T ) MORE
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OIL (BRENT) LATEST PRICE
Trade Time
11:16AM
Daily High
61.08
Trade Date
08/14/2019
Daily Low
58.98
Open
61.07
52-week High
86.74
Prev. Close
60.91
52-week Low
49.93
OIL (BRENT) PRICE IN USD - HISTORICAL
PRICES
DATE CLOSING PRICE OPEN DAILY HI
08/13/2019 58.47 61.5
08/12/2019 58.30 58.8
08/09/2019 57.74 59.1
08/08/2019 57.48 58.0
08/07/2019 58.68 59.2
08/06/2019 59.56 60.5
08/05/2019 61.46 61.5
08/02/2019 61.16 62.9
08/01/2019 64.09 64.5
07/31/2019 64.95 65.4
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.
