Crude Oil Price Monthly and Annualy

The Price of Crude Oil in International Commodity Markets for April 2024 is 88.010 dollars per barrel, as by the World Bank. In comparison to the previous month, March 2024, when Crude Oil was valued at 83.55 dollars per barrel, there has been a net change of 4.46 dollars. This represents a percentage increase of 5.070%. Looking back to April 2023, the Crude Oil price stood at 82.46 dollars per barrel. The current data reflects a dynamic market with a modest increase in Crude Oil prices from April 2023 to April 2024, signaling potential shifts in global economic trends.

Crude Oil Price in Last 12 Months World Bank

Source: World-bank
Last Updated: 25 May 2024
Index Last 12 Months Nominal US Dollars($/bbl) Net-Chg Percentage-Chg
13April 2023$ 82.46--
12May 2023$ 74.12 $ -8.34-11.25 %
11June 2023$ 73.26 $ -0.86-1.17 %
10July 2023$ 78.98 $ 5.727.24 %
9August 2023$ 84.72 $ 5.746.78 %
8September 2023$ 92.22 $ 7.508.13 %
7October 2023$ 89.08 $ -3.14-3.52 %
6November 2023$ 81.35 $ -7.73-9.50 %
5December 2023$ 75.72 $ -5.63-7.44 %
4January 2024$ 77.67 $ 1.952.51 %
3February 2024$ 80.55 $ 2.883.58 %
2March 2024$ 83.55 $ 3.003.59 %
1April 2024$ 88.01 $ 4.465.07 %

Crude Oil Price Annual World Bank

The crude oil price in 2023 was 80.76 dollars 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 2022 stood at 97.10 dollars per barrel. As a crucial commodity, crude oil influences various sectors, including transportation, manufacturing, and energy production.

In 2023, the Dubai Crude Oil Price experienced a notable net change of -16.34 dollars per barrel. This represents a significant price decrease, amounting to -20.23%. 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.

Year Price Nominal US Dollars($/bbl) Net-ChangePercentage-Change
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 $ 0.4828.40 %
1972 $ 1.82 $ 0.137.14 %
1973 $ 2.81 $ 0.9935.23 %
1974 $ 10.97 $ 8.1674.38 %
1975 $ 10.43 $ -0.54-5.18 %
1976 $ 11.63 $ 1.2010.32 %
1977 $ 12.57 $ 0.947.48 %
1978 $ 12.92 $ 0.352.71 %
1979 $ 30.96 $ 18.0458.27 %
1980 $ 36.87 $ 5.9116.03 %
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 $ 3.8020.94 %
1988 $ 14.72 $ -3.43-23.30 %
1989 $ 17.84 $ 3.1217.49 %
1990 $ 22.88 $ 5.0422.03 %
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 $ 1.297.51 %
1996 $ 20.42 $ 3.2415.87 %
1997 $ 19.17 $ -1.25-6.52 %
1998 $ 13.06 $ -6.11-46.78 %
1999 $ 18.07 $ 5.0127.73 %
2000 $ 28.23 $ 10.1635.99 %
2001 $ 24.35 $ -3.88-15.93 %
2002 $ 24.93 $ 0.582.33 %
2003 $ 28.90 $ 3.9713.74 %
2004 $ 37.73 $ 8.8323.40 %
2005 $ 53.39 $ 15.6629.33 %
2006 $ 64.29 $ 10.9016.95 %
2007 $ 71.12 $ 6.839.60 %
2008 $ 96.99 $ 25.8726.67 %
2009 $ 61.76 $ -35.23-57.04 %
2010 $ 79.04 $ 17.2821.86 %
2011 $ 104.01 $ 24.9724.01 %
2012 $ 105.01 $ 1.000.95 %
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 $ 10.0018.94 %
2018 $ 68.35 $ 15.5422.74 %
2019 $ 61.41 $ -6.94-11.30 %
2020 $ 41.26 $ -20.15-48.84 %
2021 $ 69.07 $ 27.8140.26 %
2022 $ 97.10 $ 28.0328.87 %
2023 $ 80.76 $ -16.34-20.23 %

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.