WTI Crude Oil Price Monthly and Annualy
WTI Crude Oil Price in International Commodity Markets in October 2023 is about 85.57 dollars per barrel estimated by World Bank. In the Previous Month, September 2023 WTI crude oil worth was 89.58 dollars per barrel. Last year in October 2022 the price was 87.26 dollars per barrel.
WTI Crude Oil Price in Last 12 Months World Bank
Source: World-bank
Last Updated: 10 Dec 2023
| 13 | October 2022 | $ 87.26 | - | - |
| 12 | November 2022 | $ 84.78 | $ -2.48 | -2.93 % |
| 11 | December 2022 | $ 76.52 | $ -8.26 | -10.79 % |
| 10 | January 2023 | $ 78.11 | $ 1.59 | 2.04 % |
| 9 | February 2023 | $ 76.84 | $ -1.27 | -1.65 % |
| 8 | March 2023 | $ 73.37 | $ -3.47 | -4.73 % |
| 7 | April 2023 | $ 79.44 | $ 6.07 | 7.64 % |
| 6 | May 2023 | $ 71.59 | $ -7.85 | -10.97 % |
| 5 | June 2023 | $ 70.23 | $ -1.36 | -1.94 % |
| 4 | July 2023 | $ 76.39 | $ 6.16 | 8.06 % |
| 3 | August 2023 | $ 81.40 | $ 5.01 | 6.15 % |
| 2 | September 2023 | $ 89.58 | $ 8.18 | 9.13 % |
| 1 | October 2023 | $ 85.57 | $ -4.01 | -4.69 % |
WTI Crude Oil Price Annual World Bank
The estimated WTI Crude Oil Price in 2022 stood at $94.43 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 2021 stood at $67.96 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 2022, the WTI Crude Oil Price experienced a notable net change of $26.47. This signifies a significant price increase, amounting to approximately 28.03%. 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
| 1960 | - | - | - |
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| 1979 | - | - | - |
| 1980 | - | - | - |
| 1981 | - | - | - |
| 1982 | 32.77 | - | - |
| 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 | $ 4.08 | 21.29 % |
| 1988 | $ 15.97 | $ -3.19 | -19.97 % |
| 1989 | $ 19.60 | $ 3.63 | 18.52 % |
| 1990 | $ 24.49 | $ 4.89 | 19.97 % |
| 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 | $ 1.21 | 6.59 % |
| 1996 | $ 22.07 | $ 3.70 | 16.76 % |
| 1997 | $ 20.33 | $ -1.74 | -8.56 % |
| 1998 | $ 14.35 | $ -5.98 | -41.67 % |
| 1999 | $ 19.24 | $ 4.89 | 25.42 % |
| 2000 | $ 30.33 | $ 11.09 | 36.56 % |
| 2001 | $ 25.92 | $ -4.41 | -17.01 % |
| 2002 | $ 26.09 | $ 0.17 | 0.65 % |
| 2003 | $ 31.11 | $ 5.02 | 16.14 % |
| 2004 | $ 41.44 | $ 10.33 | 24.93 % |
| 2005 | $ 56.44 | $ 15.00 | 26.58 % |
| 2006 | $ 66.04 | $ 9.60 | 14.54 % |
| 2007 | $ 72.28 | $ 6.24 | 8.63 % |
| 2008 | $ 99.56 | $ 27.28 | 27.40 % |
| 2009 | $ 61.65 | $ -37.91 | -61.49 % |
| 2010 | $ 79.43 | $ 17.78 | 22.38 % |
| 2011 | $ 95.05 | $ 15.62 | 16.43 % |
| 2012 | $ 94.16 | $ -0.89 | -0.95 % |
| 2013 | $ 97.94 | $ 3.78 | 3.86 % |
| 2014 | $ 93.11 | $ -4.83 | -5.19 % |
| 2015 | $ 48.71 | $ -44.40 | -91.15 % |
| 2016 | $ 43.19 | $ -5.52 | -12.78 % |
| 2017 | $ 50.91 | $ 7.72 | 15.16 % |
| 2018 | $ 64.82 | $ 13.91 | 21.46 % |
| 2019 | $ 57.01 | $ -7.81 | -13.70 % |
| 2020 | $ 39.31 | $ -17.70 | -45.03 % |
| 2021 | $ 67.96 | $ 28.65 | 42.16 % |
| 2022 | $ 94.43 | $ 26.47 | 28.03 % |
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.
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.