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The price of gas on June 17 was $3.67.5 a gallon, 25.1 cents lower than a month earlier but 96.8 cents above a year earlier. [11] On June 24, the price of gas was $3.62.8 and expected to go much lower due to the opening of the Strategic Petroleum Reserve. U.S. oil prices fell below $90 before rising again, and Brent crude fell 2%. [12]
Learn about the factors that affect the global price of crude oil, such as supply and demand, geopolitical events, and economic shocks. See the nominal and inflation-adjusted prices of oil from 1861 to 2020 and the recent fluctuations in 2021 and 2022.
Prices have stayed low as China, a key consumer of global oil, has signaled a lackluster appetite for the commodity. According to Bloomberg , developments in Libya also added to Thursday's oil plunge.
Learn about the causes and effects of the significant surplus of crude oil in the 1980s, which reduced the world price of oil by half. Find out how OPEC, non-OPEC, and US production, demand, and conservation influenced the oil market.
The price of Brent crude, the global oil benchmark, rose more than 4% Friday to trade at nearly $90 a barrel. West Texas Intermediate crude oil futures, the US benchmark, jumped 4.2% to $86 a barrel.
Commercial Crude Oil Stock Pile. On January 2, benchmark crude fell by the most in one day since November 2012 to close at $95.44. Brent crude was $107.78. Gas was $3.33. [1] With the Iran agreement and increased production from Libya and the North Sea, Benchmark oil was around $92 on January 13 and Brent crude was $105.98. [2]
Governor Gavin Newsom said Thursday he will compel California oil refineries to stockpile additional fuel reserves in an effort to ward off price spikes, marking the latest move in his multi-year ...
The Bloomberg Commodity Index (BCOM) tracks prices of futures contracts on physical commodities on the commodity markets. It has 23 commodity futures in six sectors, with energy accounting for 30.13% of the index weight.