Price of oil

  Urals oil (Russian export mix)
Oil traders, Houston, 2009
Nominal price of oil from 1861 to 2020 from Our World in Data

The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) 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).[1][2] Oil prices are determined by global supply and demand, rather than any country's domestic production level.

  1. ^ "International Crude Oil Market Handbook", Energy Intelligence Group, 2011
  2. ^ "Pricing Differences Among Various Types of Crude Oil". EIA. Archived from the original on 13 November 2010. Retrieved 17 February 2008.

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