WTI Crude Oil Price Monthly and Annualy

The Price of WTI Crude Oil in International Commodity Markets for April 2024 is 84.59 dollars per barrel, as estimated by the World Bank. In comparison to the previous month, March 2024, when WTI Crude Oil was valued at 80.49 dollars per barrel, there has been a net change of 4.10 dollars. This represents a percentage increase of 4.85%. Looking back to April 2023, the WTI Crude Oil price stood at 79.44 dollars per barrel. The current data reflects a dynamic market with a modest increase in WTI Crude Oil prices from April 2023 to April 2024, signaling potential shifts in global economic trends.

WTI Crude Oil Price in Last 12 Months World Bank

Source: World-bank
Last Updated: 25 May 2024
Index Last 12 Months Nominal US Dollars($/bbl) Net-Chg Percentage-Chg
13April 2023$ 79.44--
12May 2023$ 71.59 $ -7.85-10.97 %
11June 2023$ 70.23 $ -1.36-1.94 %
10July 2023$ 76.39 $ 6.168.06 %
9August 2023$ 81.40 $ 5.016.15 %
8September 2023$ 89.58 $ 8.189.13 %
7October 2023$ 85.57 $ -4.01-4.69 %
6November 2023$ 77.43 $ -8.14-10.51 %
5December 2023$ 72.08 $ -5.35-7.42 %
4January 2024$ 73.93 $ 1.852.50 %
3February 2024$ 76.70 $ 2.773.61 %
2March 2024$ 80.49 $ 3.794.71 %
1April 2024$ 84.59 $ 4.104.85 %

WTI Crude Oil Price Annual World Bank

The estimated WTI Crude Oil Price in 2023 stood at 77.67 dollars per barrel. This figure serves as a crucial indicator of the global energy market and carries significant implications for various sectors and economies worldwide.

In the previous year, the WTI Crude Oil Price in 2022 stood at 94.43 dollars per barrel. This price point played a pivotal role in shaping the global energy market and had far-reaching implications for various industries and economies.

In 2023, the WTI Crude Oil Price experienced a notable net change of -16.76 dollars per barrel. This signifies a significant price decrease, amounting to -21.58%. Such a substantial rise in the WTI Crude Oil Price carries substantial implications for the global energy market and various sectors dependent on oil. The net change in price reflects the interplay of factors such as supply and demand dynamics, geopolitical developments, and market sentiment.

Source: World-bank
Year Price Nominal US Dollars($/bbl) Net-ChangePercentage-Change
1960---
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1968---
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1980---
1981---
198232.77--
1983$ 30.41$ -2.36-7.76 %
1984$ 29.38$ -1.03-3.51 %
1985$ 27.76$ -1.62-5.84 %
1986$ 15.08$ -12.68-84.08 %
1987$ 19.16$ 4.0821.29 %
1988$ 15.97$ -3.19-19.97 %
1989$ 19.60$ 3.6318.52 %
1990$ 24.49$ 4.8919.97 %
1991$ 21.48$ -3.01-14.01 %
1992$ 20.56$ -0.92-4.47 %
1993$ 18.56$ -2.00-10.78 %
1994$ 17.16$ -1.40-8.16 %
1995$ 18.37$ 1.216.59 %
1996$ 22.07$ 3.7016.76 %
1997$ 20.33$ -1.74-8.56 %
1998$ 14.35$ -5.98-41.67 %
1999$ 19.24$ 4.8925.42 %
2000$ 30.33$ 11.0936.56 %
2001$ 25.92$ -4.41-17.01 %
2002$ 26.09$ 0.170.65 %
2003$ 31.11$ 5.0216.14 %
2004$ 41.44$ 10.3324.93 %
2005$ 56.44$ 15.0026.58 %
2006$ 66.04$ 9.6014.54 %
2007$ 72.28$ 6.248.63 %
2008$ 99.56$ 27.2827.40 %
2009$ 61.65$ -37.91-61.49 %
2010$ 79.43$ 17.7822.38 %
2011$ 95.05$ 15.6216.43 %
2012$ 94.16$ -0.89-0.95 %
2013$ 97.94$ 3.783.86 %
2014$ 93.11$ -4.83-5.19 %
2015$ 48.71$ -44.40-91.15 %
2016$ 43.19$ -5.52-12.78 %
2017$ 50.91$ 7.7215.16 %
2018$ 64.82$ 13.9121.46 %
2019$ 57.01$ -7.81-13.70 %
2020$ 39.31$ -17.70-45.03 %
2021$ 67.96$ 28.6542.16 %
2022$ 94.43$ 26.4728.03 %
2023$ 77.67$ -16.76-21.58 %

Introduction

The price of WTI (West Texas Intermediate) crude oil is a key indicator of the global energy market and plays a crucial role in shaping the economies of both oil-producing and oil-consuming nations. In this article, we will delve into the factors that influence the WTI crude oil price, its significance in the energy sector, and the broader implications it has on the global economy.

What is WTI Crude Oil?

WTI crude oil is a type of light, sweet crude oil that is extracted from the Permian Basin in West Texas and parts of Southeastern New Mexico. It is one of the benchmark crude oils used in pricing oil globally and is traded on the New York Mercantile Exchange (NYMEX).

Factors Influencing WTI Crude Oil Price

Several factors contribute to the fluctuation of Australian coal prices. These include:

 1. Supply and Demand Dynamics

Supply and demand dynamics are the primary drivers of the WTI crude oil price. When global oil demand exceeds supply, prices tend to rise, and vice versa. Factors that influence supply include geopolitical tensions, production decisions by major oil-producing nations, and disruptions in oil production due to natural disasters or conflicts. On the demand side, economic growth, industrial activities, and transportation needs play a significant role.

 2. OPEC and Non-OPEC Policies

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries, such as Russia, often collaborate to manage oil production levels and stabilize prices. Decisions made during OPEC meetings, such as production cuts or increases, can have a significant impact on the WTI crude oil price. These policies aim to balance the market by adjusting supply to match demand and maintain price stability.

 3. Economic Indicators

Economic indicators, such as GDP growth, inflation rates, and interest rates, also affect the WTI crude oil price. A strong global economy typically leads to higher oil demand, driving prices upward. Conversely, economic downturns or recessions can dampen oil demand, resulting in lower prices.

 4. Political and Geopolitical Events

Political and geopolitical events can have a profound impact on the WTI crude oil price. Conflicts in major oil-producing regions, changes in government policies, and international sanctions can disrupt supply and create price volatility. Investors closely monitor such events for potential market fluctuations.

Impact on the Global Economy

The WTI crude oil price has far-reaching implications for the global economy:

 1. Energy Costs

WTI crude oil price directly influences energy costs, affecting industries and consumers worldwide. Fluctuations in oil prices can impact transportation costs, manufacturing expenses, and heating and cooling expenditures. Higher oil prices can lead to increased inflationary pressures, while lower prices can stimulate economic growth.

 2. Currency Exchange Rates

Oil is traded globally in U.S. dollars. Therefore, fluctuations in the WTI crude oil price can influence currency exchange rates. Oil-exporting countries that heavily rely on oil revenues may experience currency appreciation when oil prices rise, while oil-importing nations may face currency depreciation.

Currency Exchange Rate
 3. Stock Markets and Investor Sentiment

Oil prices often impact stock markets and investor sentiment. Industries such as energy, transportation, and manufacturing are particularly sensitive to oil price movements. When oil prices rise, energy stocks may experience gains, while other sectors, such as airlines, may face increased costs. Investors closely watch oil price trends to make informed decisions.

Conclusion

The WTI crude oil price serves as a critical barometer for the global energy market and holds significant influence over the global economy. Supply and demand dynamics, OPEC policies, economic indicators, and political events all shape the price of WTI crude oil. Understanding the interplay between these factors and their impact on energy costs, currency exchange rates, and stock markets is essential for businesses, governments, and investors worldwide.

By staying informed about the dynamics of the WTI crude oil price, stakeholders can navigate the economic landscape more effectively and make strategic decisions that capitalize on emerging opportunities while mitigating risks.