The Dubai Crude Oil Price: Oil Price Assessments

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West Texas Intermediate WTIalso known as Texas light sweetis a grade of crude oil used as a benchmark in oil pricing. Barrel of oil price today dubai grade is described as light because of its relatively low density, and sweet because of its low sulfur content.

It is the underlying commodity of New York Mercantile Exchange 's oil futures contracts. The price of WTI barrel of oil price today dubai often referenced in news reports on oil prices, alongside the price of Brent crude from the North Sea. It contains about 0. Cushing, Oklahoma is a major trading hub for crude oil and has been the delivery point for crude contracts and therefore the price settlement point for West Texas Intermediate on the New York Mercantile Exchange for barrel of oil price today dubai three decades.

The area became a "vital transshipment point with many intersecting pipelines, storage facilities and easy access to refiners and suppliers," infrastructure which remained after the Cushing field had declined in importance. Crude oil flows "inbound to Cushing from all directions and outbound through dozens of pipelines".

West Texas Intermediate is used as a benchmark in oil pricing. Historically, it has traded closely to Brent and the OPEC basket but currently it has been discounted against Brent crude oil. The anomaly occurred perhaps because of a temporary shortage of refining capacity. In early a large stockpile of oil at the Cushing storage and pricing facility mainly due to a refinery shutdown [8] caused the price to be artificially depressed at barrel of oil price today dubai Cushing pricing point.

As stockpiles decreased, the WTI price increased to exceed the price of Brent once again. The reason most cited for this difference was that Cushing had reached capacity due to a surplus of oil in the interior of North America. At the same time, Brent moved up in reaction to civil unrest in Egypt and across the Middle East.

Since WTI-priced stockpiles at Cushing could not easily be transported to the Gulf Coast, WTI crude was unable to be arbitraged in bringing the two prices back to parity. The price difference persisted, however, and was large enough that some oil producers in North Dakota put their oil on tanker cars, and shipped it by rail to the Gulf and East coasts, where it received Brent prices. From Wikipedia, the free encyclopedia.

This section does not cite any sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. June Learn how and when to remove this template message. Energy portal Texas portal. Historical Dictionary of the Petroleum Industry.

Retrieved 16 April Archived from the original on March 11, Acronyms Oil shale gas Peak oil mitigation timing People Petrocurrency Petrodollar recycling Shale band Shale gas Swing producer Unconventional oil heavy crude oil sands oil shale. Retrieved from " https: Articles needing additional references from June All articles needing additional references. Views Read Edit View barrel of oil price today dubai. This page was last edited on 21 Septemberat By using this site, you agree to the Terms of Use and Privacy Policy.

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Welcome to Oil Crude Price - a site devoted to bringing you the latest crude oil price per barrel including Brent crude oil price and WTI crude oil price. The site provides crude oil prices history charts Brent crude price history charts and WTI crude price history charts for the past 30 days, 90 days, 1, 5, 10 and 20 years.

Oil is one of the most important commodities in world. The fluctuation of crude oil price affects global economy, and also affects our daily lives. The oil market is quite complex, if you would like to invest in oil futures, the best way is to keep track of oil prices today and understand which factors affected the oil prices.

Crude oil is a naturally occurring, yellow-to-black liquid found in geologic formations beneath the Earth's surface. It is a fossil fuel which is commonly refined into various types of fuels. Crude oil is distinguishing from petroleum that includes both naturally occurring unprocessed crude oil and petroleum products. Crude oil is a mixture of a very large number of different hydrocarbons including alkanes paraffins , cycloalkanes naphthenes , aromatic hydrocarbons, or more complicated chemicals like asphaltenes and sulfur.

Each crude oil variety has a unique mix of hydrocarbons, which define its physical and chemical properties, like color and viscosity. Oil used in our daily life The oil is one of the most important sources used in our daily lives. We often think that petroleum is mostly used to power internal combustion engines in the form of gasoline or petrol.

In fact, petroleum is not only used for transportation and producing electricity, but also used for producing clothes, plastics, beauty products and so on.

Apart from the common petroleum products such as LPG, Gasoil, Gasoline, Naphtha, Bitumen, Fuel Oil, Plastics, etc, there are lots of incredible petroleum products such as bicycle tires, fishing lures, perfumes, food preservatives, dentures, lipstick, vitamin capsules, petroleum jelly and so on. The oil price or the price of oil, generally refers to the spot price of a barrel of benchmark crude oil. The different type of oil are with different density and sulfur content, that leads to the oil price difference.

Crude oil price are commonly measured in USD per barrel. The price of oil is affected by global economic conditions and supply and demand as well as market speculation.

The International Energy Agency reported that high oil prices generally have a large negative impact on global economic growth. In the United States and Canada, the oil barrel abbreviated as bbl is a volume unit for crude oil, it is defined as 42 US gallons, which is equal to liters or 35 imperial gallons. However, Outside the above two countries, volumes of oil are usually reported in cubic meters m3 instead of oil barrels.

What is crude oil? The price of oil: Measurement unit of crude oil - oil barrel In the United States and Canada, the oil barrel abbreviated as bbl is a volume unit for crude oil, it is defined as 42 US gallons, which is equal to liters or 35 imperial gallons.