Benchmark For Oil Pricing

Daily Crude Oil Prices at Cushing, Oklahoma

Benchmark for Oil Pricing

Cushing, Oklahoma

The crude stream traded at Cushing, Oklahoma, is a benchmark in oil pricing. The daily price of this stream is closely watched by oil traders and analysts as it provides an indication of the overall health of the global oil market.

The current price of WTI crude oil as of August 12, 2024, is $79.24 per barrel. This price is down from its recent high of over $100 per barrel in June 2022.

Interactive Chart

The interactive chart below shows the daily closing prices of WTI crude oil since January 1, 2023.

The chart shows that the price of WTI crude oil has been volatile in recent months, but it has generally been trending lower since June 2022.

Factors Affecting Oil Prices

The price of oil is affected by a number of factors, including supply and demand, economic growth, and geopolitical events.

Currently, the global economy is slowing down, which is reducing demand for oil. This is one of the main reasons why the price of oil has been falling in recent months.

Geopolitical events can also have a significant impact on the price of oil. For example, the war in Ukraine has led to sanctions on Russian oil, which has reduced the supply of oil on the market and pushed prices higher.

Conclusion

The price of crude oil is a key indicator of the global economy. The daily price of the crude stream traded at Cushing, Oklahoma, is a benchmark in oil pricing and is closely watched by traders and analysts.

The price of oil is affected by a number of factors, including supply and demand, economic growth, and geopolitical events.