Crude Oil Price Monthly and Annualy
Crude Oil Price in International Commodity Markets in October 2023 is about 89.08 dollars per barrel estimated by World Bank. In the Previous Month, September 2023 crude oil worth was 92.22 dollars per barrel. Last year in October 2022 the price was 90.33 dollars per barrel.
Crude Oil Price in Last 12 Months World Bank
Source: World-bank
Last Updated: 10 Dec 2023
| 13 | October 2022 | $ 90.33 | - | - |
| 12 | November 2022 | $ 87.38 | $ -2.95 | -3.38 % |
| 11 | December 2022 | $ 78.07 | $ -9.31 | -11.93 % |
| 10 | January 2023 | $ 80.41 | $ 2.34 | 2.91 % |
| 9 | February 2023 | $ 80.25 | $ -0.16 | -0.20 % |
| 8 | March 2023 | $ 76.47 | $ -3.78 | -4.94 % |
| 7 | April 2023 | $ 82.46 | $ 5.99 | 7.26 % |
| 6 | May 2023 | $ 74.12 | $ -8.34 | -11.25 % |
| 5 | June 2023 | $ 73.26 | $ -0.86 | -1.17 % |
| 4 | July 2023 | $ 78.98 | $ 5.72 | 7.24 % |
| 3 | August 2023 | $ 84.72 | $ 5.74 | 6.78 % |
| 2 | September 2023 | $ 92.22 | $ 7.50 | 8.13 % |
| 1 | October 2023 | $ 89.08 | $ -3.14 | -3.52 % |
Crude Oil Price Annual World Bank
The estimated crude oil price in 2022 was $97.10 per barrel. This figure serves as a significant indicator of the economic landscape and influences various sectors globally.
In the preceding year, the crude oil price in 2021 stood at $69.07 per barrel. As a crucial commodity, crude oil influences various sectors, including transportation, manufacturing, and energy production.
In 2022, the Dubai Crude Oil Price experienced a notable net change of $28.03. This represents a significant price increase, amounting to approximately 28.87%. Such a substantial rise in the Dubai Crude Oil Price holds significant implications for the global energy market and various sectors dependent on oil. This upward movement in price can be attributed to a multitude of factors, including supply and demand dynamics, geopolitical developments, and market sentiment.
| 1960 | $ 1.63 | - | - |
| 1961 | $ 1.57 | $ -0.06 | -3.82 % |
| 1962 | $ 1.52 | $ -0.05 | -3.29 % |
| 1963 | $ 1.50 | $ -0.02 | -1.33 % |
| 1964 | $ 1.45 | $ -0.05 | -3.45 % |
| 1965 | $ 1.42 | $ -0.03 | -2.11 % |
| 1966 | $ 1.36 | $ -0.06 | -4.41 % |
| 1967 | $ 1.33 | $ -0.03 | -2.26 % |
| 1968 | $ 1.32 | $ -0.01 | -0.76 % |
| 1969 | $ 1.27 | $ -0.05 | -3.94 % |
| 1970 | $ 1.21 | $ -0.06 | -4.96 % |
| 1971 | $ 1.69 | $ 0.48 | 28.40 % |
| 1972 | $ 1.82 | $ 0.13 | 7.14 % |
| 1973 | $ 2.81 | $ 0.99 | 35.23 % |
| 1974 | $ 10.97 | $ 8.16 | 74.38 % |
| 1975 | $ 10.43 | $ -0.54 | -5.18 % |
| 1976 | $ 11.63 | $ 1.20 | 10.32 % |
| 1977 | $ 12.57 | $ 0.94 | 7.48 % |
| 1978 | $ 12.92 | $ 0.35 | 2.71 % |
| 1979 | $ 30.96 | $ 18.04 | 58.27 % |
| 1980 | $ 36.87 | $ 5.91 | 16.03 % |
| 1981 | $ 35.48 | $ -1.39 | -3.92 % |
| 1982 | $ 32.65 | $ -2.83 | -8.67 % |
| 1983 | $ 29.66 | $ -2.99 | -10.08 % |
| 1984 | $ 28.56 | $ -1.10 | -3.85 % |
| 1985 | $ 27.18 | $ -1.38 | -5.08 % |
| 1986 | $ 14.35 | $ -12.83 | -89.41 % |
| 1987 | $ 18.15 | $ 3.80 | 20.94 % |
| 1988 | $ 14.72 | $ -3.43 | -23.30 % |
| 1989 | $ 17.84 | $ 3.12 | 17.49 % |
| 1990 | $ 22.88 | $ 5.04 | 22.03 % |
| 1991 | $ 19.37 | $ -3.51 | -18.12 % |
| 1992 | $ 19.02 | $ -0.35 | -1.84 % |
| 1993 | $ 16.84 | $ -2.18 | -12.95 % |
| 1994 | $ 15.89 | $ -0.95 | -5.98 % |
| 1995 | $ 17.18 | $ 1.29 | 7.51 % |
| 1996 | $ 20.42 | $ 3.24 | 15.87 % |
| 1997 | $ 19.17 | $ -1.25 | -6.52 % |
| 1998 | $ 13.06 | $ -6.11 | -46.78 % |
| 1999 | $ 18.07 | $ 5.01 | 27.73 % |
| 2000 | $ 28.23 | $ 10.16 | 35.99 % |
| 2001 | $ 24.35 | $ -3.88 | -15.93 % |
| 2002 | $ 24.93 | $ 0.58 | 2.33 % |
| 2003 | $ 28.90 | $ 3.97 | 13.74 % |
| 2004 | $ 37.73 | $ 8.83 | 23.40 % |
| 2005 | $ 53.39 | $ 15.66 | 29.33 % |
| 2006 | $ 64.29 | $ 10.90 | 16.95 % |
| 2007 | $ 71.12 | $ 6.83 | 9.60 % |
| 2008 | $ 96.99 | $ 25.87 | 26.67 % |
| 2009 | $ 61.76 | $ -35.23 | -57.04 % |
| 2010 | $ 79.04 | $ 17.28 | 21.86 % |
| 2011 | $ 104.01 | $ 24.97 | 24.01 % |
| 2012 | $ 105.01 | $ 1.00 | 0.95 % |
| 2013 | $ 104.08 | $ -0.93 | -0.89 % |
| 2014 | $ 96.24 | $ -7.84 | -8.15 % |
| 2015 | $ 50.75 | $ -45.49 | -89.64 % |
| 2016 | $ 42.81 | $ -7.94 | -18.55 % |
| 2017 | $ 52.81 | $ 10.00 | 18.94 % |
| 2018 | $ 68.35 | $ 15.54 | 22.74 % |
| 2019 | $ 61.41 | $ -6.94 | -11.30 % |
| 2020 | $ 41.26 | $ -20.15 | -48.84 % |
| 2021 | $ 69.07 | $ 27.81 | 40.26 % |
| 2022 | $ 97.10 | $ 28.03 | 28.87 % |
Introduction
In the realm of global energy markets, crude oil plays a pivotal role. The price of crude oil is a topic of immense importance, affecting various industries and economies worldwide. In this comprehensive guide, we will delve into the intricacies of crude oil prices, exploring the factors that influence them and the impact they have on different sectors. So, let's embark on this informative journey and gain a deeper understanding of the fascinating world of crude oil prices.
What Determines Crude Oil Prices?
Crude oil prices are determined by a multitude of complex factors. While the forces shaping oil prices can be intricate, several key elements hold significant influence. Let's take a closer look at some of the crucial factors:
1. Supply and Demand Dynamics
Supply and demand dynamics play a vital role in determining crude oil prices. When global oil demand surpasses supply, prices tend to rise, and vice versa. Factors such as economic growth, geopolitical events, and natural disasters can impact both supply and demand, thereby affecting oil prices.
2. OPEC and Non-OPEC Policies
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including non-OPEC nations, hold substantial power in influencing crude oil prices. Decisions regarding oil production quotas and market stabilization efforts by these entities can have a significant impact on price fluctuations.
3. Geopolitical Factors
Geopolitical tensions and conflicts in major oil-producing regions can create uncertainty and volatility in the crude oil market. Any disruptions to oil production or transportation routes can trigger price fluctuations, as seen during instances such as political conflicts in the Middle East.
4. Macroeconomic Indicators
The health of the global economy, including factors like GDP growth, inflation rates, and currency fluctuations, can influence crude oil prices. Economic indicators provide insights into oil demand patterns, impacting price movements.
5. Technological Advancements
Technological advancements in oil exploration, extraction, and refining can affect crude oil prices. Innovations that enhance production efficiency or unlock new sources of oil supply can have long-term implications on price trends.
Understanding Price Volatility
Crude oil prices are notorious for their volatility, with fluctuations occurring frequently. Here are some key factors contributing to price volatility:
1. Speculation and Financial Markets
Speculative trading in financial markets can lead to short-term price volatility. Factors like investor sentiment, hedge fund activities, and market speculation can cause sudden price swings.
2. Seasonal Demand Patterns
Seasonal variations in oil demand, such as increased consumption during the summer driving season, can impact prices. These patterns arise due to factors like vacations, weather conditions, and transportation requirements.
3. Natural Disasters and Catastrophic Events
Natural disasters, such as hurricanes or earthquakes, can disrupt oil production, refining, and transportation infrastructure. These events can cause temporary supply disruptions, resulting in price volatility.
4. Global Economic Uncertainty
Economic uncertainties, such as trade disputes, recessions, or financial crises, can significantly impact crude oil prices. Market participants closely monitor economic indicators to gauge the potential impact on oil demand and adjust prices accordingly.
Impact of Crude Oil Prices on Different Sectors
The price of crude oil has far-reaching effects across various sectors. Let's explore how different industries are impacted by fluctuations in oil prices:
1. Energy Sector
The energy sector, including oil companies, refineries, and utility providers, is directly influenced by crude oil prices. Higher oil prices can lead to increased profitability for oil producers but may result in higher costs for consumers.
2. Transportation Industry
The transportation industry, especially air and road transport, heavily relies on petroleum products derived from crude oil. Fluctuations in oil prices can directly impact fuel costs, subsequently affecting airlines, trucking companies, and consumers.
3. Manufacturing and Petrochemicals
Manufacturing industries that utilize crude oil as a raw material, such as plastics, chemicals, and textiles, are affected by price changes. Higher oil prices can lead to increased production costs, potentially impacting the pricing of various consumer goods.
4. Agriculture and Food Production
Crude oil prices indirectly affect the agriculture and food production sector. Higher oil prices can lead to increased costs for fuel, fertilizers, and transportation, which can potentially impact food prices and supply chains.
Conclusion
Crude oil prices hold a significant influence over global economies, industries, and consumers. Understanding the factors that shape oil prices and their impact on various sectors is crucial for making informed decisions and navigating the complexities of the energy market. By delving into the supply and demand dynamics, geopolitical factors, and the effects on different industries, we have gained a comprehensive understanding of the intricate world of crude oil prices.