Price of a barrel of oil 2022

The Average Crude Oil Spot Price calculates an equally weighted price of the WTI Crude Oil Price, Brent Crude Oil Price, and Dubai Crude Oil Price. This metric gives a nice overview of the broad crude oil market, rather than looking at one type of crude oil price alone. One of the most notable times for the Average Crude Oil Spot Price was in 2008. Prices for the Average Crude reached as high as $114/barrel because of large cuts in production. However, because of the financial crisis and an abrupt loss of demand for oil globally, the price of Average Crude fell as much at 70% off highs in January of 2009.

Average Crude Oil Spot Price is at a current level of 87.38, down from 90.33 last month and up from 79.92 one year ago. This is a change of -3.27% from last month and 9.33% from one year ago.

ReportCommodity Markets ReviewCategoriesAgriculture and Livestock , Chemicals , Metals

RegionN/ASourceWorld Bank

Stats

Last Value87.38Latest PeriodNov 2022Last UpdatedDec 5 2022, 10:06 ESTAverage Growth Rate11.79%

Value from Last Month90.33Change from Last Month-3.27%Value from 1 Year Ago79.92Change from 1 Year Ago9.33%FrequencyMonthlyUnitUSD per BarrelAdjustmentN/ADownload Source FileDownloadNotesAverage spot price of Brent, Dubai and West Texas Intermediate, equally weighed.

Historical Data

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DateValueNovember 30, 202287.38October 31, 202290.33September 30, 202288.22August 31, 202295.97July 31, 2022105.08June 30, 2022116.80May 31, 2022110.10April 30, 2022103.41March 31, 2022112.40February 28, 202293.54January 31, 202283.92December 31, 202172.87November 30, 202179.92October 31, 202182.06September 30, 202172.80August 31, 202168.87July 31, 202173.28June 30, 202171.80May 31, 202166.40April 30, 202162.95March 31, 202163.83February 28, 202160.46January 31, 202153.60December 31, 202048.73November 30, 202042.30

DateValueOctober 31, 202039.90September 30, 202040.60August 31, 202043.44July 31, 202042.07June 30, 202039.46May 31, 202030.38April 30, 202021.04March 31, 202032.20February 29, 202053.35January 31, 202061.63December 31, 201963.35November 30, 201960.40October 31, 201957.27September 30, 201960.04August 31, 201957.67July 31, 201961.48June 30, 201959.76May 31, 201966.83April 30, 201968.58March 31, 201963.79February 28, 201961.13January 31, 201956.58December 31, 201853.96November 30, 201862.32October 31, 201876.73

Basic Info

The Average Crude Oil Spot Price calculates an equally weighted price of the WTI Crude Oil Price, Brent Crude Oil Price, and Dubai Crude Oil Price. This metric gives a nice overview of the broad crude oil market, rather than looking at one type of crude oil price alone. One of the most notable times for the Average Crude Oil Spot Price was in 2008. Prices for the Average Crude reached as high as $114/barrel because of large cuts in production. However, because of the financial crisis and an abrupt loss of demand for oil globally, the price of Average Crude fell as much at 70% off highs in January of 2009.

Average Crude Oil Spot Price is at a current level of 87.38, down from 90.33 last month and up from 79.92 one year ago. This is a change of -3.27% from last month and 9.33% from one year ago.

ReportCommodity Markets ReviewCategoriesAgriculture and Livestock , Chemicals , Metals

RegionN/ASourceWorld Bank

Stats

Last Value87.38Latest PeriodNov 2022Last UpdatedDec 5 2022, 10:06 ESTAverage Growth Rate11.79%

Value from Last Month90.33Change from Last Month-3.27%Value from 1 Year Ago79.92Change from 1 Year Ago9.33%FrequencyMonthlyUnitUSD per BarrelAdjustmentN/ADownload Source FileDownloadNotesAverage spot price of Brent, Dubai and West Texas Intermediate, equally weighed.

Related Indicators

World Energy

Australia Coal Price342.16 USD/mtBrent Crude Oil Spot Price81.66 USD/bblBrent WTI Spread6.61 USD/bblDubai Fateh Crude Oil Spot Price91.21 USD/bblJapan Liquefied Natural Gas Import Price21.74 USD/MMBtu

OPEC Crude Oil Production31.57M bbl/dUS Liquefied Natural Gas Exports Price16.72 USD/thou cfWorld Oil Consumption94.09M bbl/dWorld Oil Production89.88M bbl/dWorld Oil Rig Count701.00WTI Crude Oil Spot Price75.05 USD/bbl

SINGAPORE, Sept 27 (Reuters) - Global oil prices may stay under $100 a barrel for the rest of the year as rate hikes from central banks have tightened credit and reduced investments in risk assets such as commodities, commodities trading major Trafigura said on Tuesday.

"Given the macro headwinds, I think generally prices will struggle ... despite imminent sanctions," the trader's chief economist Saad Rahim told Reuters on the sidelines of the 38th Asia Pacific Petroleum Conference (APPEC).

Brent crude jumped to multi-year highs of about $139 a barrel in March following the Ukraine war, but slipped in recent months to around $85, weighed down by a strong dollar, interest rate hikes and concerns about recession that could dampen oil demand.

Prices are expected to remain volatile as market liquidity has tightened while the upcoming European Union embargo on Russian oil and the G7's price cap mechanism are fanning concerns of tighter supply. read more

"So far the market has been more redirection than reduction, but I think it is unclear from here," Rahim said, adding that is also going to be complicated by the fact that the world is heading into an economic slowdown.

However, the Chinese economy is not doing as badly as what people think while Europe's oil consumption is restricted by a lack of supplies rather than demand destruction, he said.

"The balance of risks and what we know today suggests that it would take quite a few changes in the market for oil to trade well above $100," Rahim said.

Oil demand could rebound next year if China lifts COVID-19 restrictions and if the U.S. Federal Reserve pauses or cuts interest rates to support growth, he added.

These factors, underpinned by underinvestment in the oil sector and low global oil inventories, could eventually push Brent back above $100 a barrel, Rahim said.

The oil market is also watching out for possible supply responses from the Organization of the Petroleum Exporting Countries amid lower prices.

"We're well below $90 and they have not reacted. So I think they are looking at totality of market conditions to say okay, actually demand today is still relatively holding up," Rahim said.

On ongoing talks between Iran and world powers to revive a nuclear deal that would lift sanctions on Iranian oil, Rahim said: "I struggle to see a deal as long as Iran is insisting on guarantees and compensation."

Iran said on Thursday it saw no point reviving a 2015 nuclear pact without guarantees the United States would not withdraw again and unless U.N. inspectors close probes of Tehran's atomic programme, a stance a U.S. official rejected as "unreasonable." read more

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