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2016. On January 6, 2016, the price of WTI crude hit another eleven-year low, as it dropped to 32.53 a barrel for the first time since 2009. [85] On January 12, in its seventh losing day, crude oil dropped below $30 for the first time since December 2003, ending the day at $30.44, as gas fell below $1.97. [86]
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 ...
The 2000s commodities boom or the commodities super cycle [1] was the rise of many physical commodity prices (such as those of food, oil, metals, chemicals and fuels) during the early 21st century (2000–2014), [2] following the Great Commodities Depression of the 1980s and 1990s. The boom was largely due to the rising demand from emerging ...
In America, the price of West Texas Intermediate crude oil has averaged about $95 per barrel. Photo credit: BP p.l.c. Crude oil prices have been relatively stable the past few years.
The perceived increase in oil price differs internationally according to currency market fluctuations and the purchasing power of currencies. For example, excluding changes in relative purchasing power of various currencies, from 1 January 2002 to 1 January 2008: In US$, oil price rose from $20.37 to nearly $100, about 4.91 times as expensive;
English: The bar chart in the figure shows the change in WTI oil prices between 2013 and 2023 (data availability by CNBC). The x-axis of the graph shows dots of different colours for each year, representing the start price, end price, and the highest and lowest prices for each year. y-axis represents the price of oil in US dollars per barrel.
For unconventional oil to fill the gap without "potentially serious impacts on the global economy", oil production would have to remain stable after its peak, until 2035 at the earliest. Papers published since 2010 have been relatively pessimistic. A 2010 Kuwait University study predicted production would peak in 2014.
The following week, with Russia threatening to cut output due to a price cap, oil rose the most in a week since October, with Brent reaching $83.92 and WTI up to $79.56. Brent finished the year at $85.91, with WTI at $80.26. See also. 2011–2013 world oil market chronology; 2014–2016 world oil market chronology