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Crude Oil Price Today (5th October 2022)

Crude Oil is a mixture of hydrocarbons that are formed from the remnants of plants and animals which lived millions of years ago. Based on the characteristics of the crude oil, it may contain a small number of hydrocarbons which exists in the gaseous phase in natural underground reservoirs; a small number of nonhydrocarbons like sulfur, various metals; drip gases, liquid hydrocarbons manufactured from tar sands, Gilsonite, oil shale and so on.

Crude Oil WTI Futures - Oct 5, 2022 $87.77 ( $1.20   )

Last 10 Days Crude Oil Rates

Date Price Price Change
Oct 4, 2022 $86.57 $3.19
Oct 3, 2022 $83.38 $1.32
Oct 2, 2022 $82.06 $2.57
Sep 30, 2022 $79.49 $-2.19
Sep 29, 2022 $81.68 $-0.05
Sep 28, 2022 $81.73 $3.23
Sep 27, 2022 $78.50 $1.80
Sep 26, 2022 $76.70 $-2.85
Sep 25, 2022 $79.55 $0.81
Sep 23, 2022 $78.74 $-4.90

Daily & Monthly Crude oil Price : Graphical Representation

Historical Crude Oil Price

  • Trend of Crude Oil Rate, October 2022
  • Trend of Crude Oil Rate, September 2022
  • Trend of Crude Oil Rate, August 2022
  • Trend of Crude Oil Rate, July 2022
  • Trend of Crude Oil Rate, June 2022
  • Trend of Crude Oil Rate, May 2022

Year Wise Historical Crude Oil Price

  • Trend of Crude Oil Rate, 2021
  • Trend of Crude Oil Rate, 2020
  • Trend of Crude Oil Rate, 2019
  • Trend of Crude Oil Rate, 2018
  • Trend of Crude Oil Rate, 2017
  • Trend of Crude Oil Rate, 2016
  • Trend of Crude Oil Rate, 2015
  • Trend of Crude Oil Rate, 2014
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Crude Oil

In other words, crude oil is the fossil fuel which exists in the fuel form in reservoirs or underground pools.

It can be found in tiny spaces within sedimentary rocks or near the surface of tar sands. Petroleum products are oils made from hydrocarbons and crude fuel contained in natural gas. Apart from crude oil, petroleum products can also be made out of natural gas, coal and biomass.

Mainly crude oil means a mixture of hydrocarbons which exist in the liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities.

Products Manufactured from Crude Oil

Once the crude oil is removed from the ground, it will be sent to the refinery. In a refinery, different parts of the crude oil will be separated into petroleum products. The list of petroleum products includes – diesel fuel, gasoline, heating oil, petrochemical feedstocks, jet fuel, waxes, asphalt, and lubricating oils.

Types of Crude Oil

The oil industry characterizes crude oil based on its geographical source. There are four types of crude oil. They are

Class A: Light, Volatile Oils

Class B: Non–Sticky Oils

Class C: Heavy, Sticky Oils

Class D: Nonfluid Oils

What is WTI?

The West Texas Intermediate or WTI crude oil is a specific grade of fuel and one of the main three benchmarks used for oil pricing apart from Brent and Dubai Crude. The West Texas Intermediate is known as a light sweet oil as it contains around 0.34% sulfur making it sweet and light. It also has a low density or specific gravity hence WTI is light.

Apart from this, WTI is the underlying commodity of the New York Mercantile Exchange’s (NYMEX) oil futures contract. This crude oil is regarded as a high-quality oil which can be easily refined.

It is refined mainly from inland Texas and is one of the highest quality oil available in the globe, which is easy to refine as well. It is often compared with the crude benchmark – Brent. Brent is two-thirds of the globe’s oil contracts based on oil extracted from the North Sea.

The West Texas Intermediate is the underlying commodity for the New York Mercantile Exchange’s oil futures contract.

WTI as Benchmark in Oil Markets

The West Texas Intermediate (WTI) is used as one of the benchmarks in the oil markets apart from Brent and Dubai crude. The importance of a benchmark in the oil industry serves as a reference price for buyers and sellers of crude oil. These benchmarks are often quoted in the news as the price of the oil. Usually, there will be a difference between the prices of Brent and WTI and this will be referred to as the Brent-WTI spread.

What is WTI Crude Futures?

The West Texas Intermediate (WTI), is the US produced light sweet crude oil blend. It provides direct crude oil exposure and is the most efficient way to trade oil in the global markets.

WTI or the West Texas Intermediate is the main oil benchmark for North America as it is sourced from the Permian Basin located in the U.S. This oil mainly comes from the Texas region. Later it travels through pipelines and gets refined in the Midwest of the Gulf of Mexico. The main delivery place for physical exchange and price settlement for WTI in Cushing, Oklahoma.

Both the WTI and Brent contain sulfur content, the lower the sulfur content in oil, the easier it is to refine, making it more attractive. WTI has 0.34% sulfur content; Brent has 0.37% of sulfur content. WTI is best for gasoline and Brent is ideal for diesel.

Ideally, WTI crude should trade at a premium price when compared with Brent crude, due to its high quality, but that is not the case always. Two crude oil varieties can trade at a similar price in the oil markets, each one has its particular unique demand and supply market and hence its price reflects its sole market fundamentals.

Since the shale boom in the United States of America, the production of the WTI shot up, hence the price has declined. WTI usually trades at a depreciated value to Brent. Apart from this, transporting WTI overseas to Brent’s crude markets could come at a cost which will make WTI unable to wrestle with Brent in terms of pricing.

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