The average spot price for West Texas Intermediate crude oil came to 77.58 U.S. dollars per barrel in 2023, a decrease of some 17 U.S. dollars compared to the previous year. The 2023 average spot price for Brent crude oil was 82.49 U.S. dollars. Both Brent and WTI are light crude oils, with the first used as a benchmark for gasoline prices around the world.
Spot prices vs. future prices
Spot prices refer to current market prices under which a commodity such as one barrel of crude oil may be bought for immediate delivery. In contrast, future prices refer to settlement and delivery at a later date. As a major refinery and storage hub, Cushing in Oklahoma is the delivery location for WTI traded via the New York Mercantile Exchange. When storage capacities threatened to reach their maximum capacity in April 2020, the WTI oil price crashed as a result, trading at record low prices. The WTI oil price fell into negative numbers for the first time in its history, closing out at negative 37.63 U.S. dollars per barrel on April 20th. The lowest value for Brent prices was 19.33 U.S. dollars per barrel.
Influences on oil prices
Oil prices are volatile commodities as their trading and delivery is heavily influenced by overall market development and geopolitical events. For example, the Russia-Ukraine war and resulting Russian sanctions brought about fears of supply bottlenecks, which pushed oil prices to decade-highs also reflected in the 2022 annual average.
Annual average WTI and Brent crude oil spot prices from 1990 to 2023
(in U.S. dollars per barrel)
All prices are "Free On Board" (FOB) prices originating from Cushing, Oklahoma and the North Sea region, respectively.
According to the EIA, FOB denotes a transaction whereby the seller makes the product available with an agreement on a given port at a given price; it is the responsibility of the buyer to arrange for the transportation and insurance.
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EIA. (January 24, 2024). Annual average WTI and Brent crude oil spot prices from 1990 to 2023 (in U.S. dollars per barrel) [Graph]. In Statista. Retrieved July 08, 2024, from https://www.statista.com/statistics/209641/average-annual-spot-price-of-wti-and-brent-crude-oil/?session=4f26c6154ca96e4109ed9ef86252ad4d
EIA. "Annual average WTI and Brent crude oil spot prices from 1990 to 2023 (in U.S. dollars per barrel)." Chart. January 24, 2024. Statista. Accessed July 08, 2024. https://www.statista.com/statistics/209641/average-annual-spot-price-of-wti-and-brent-crude-oil/?session=4f26c6154ca96e4109ed9ef86252ad4d
EIA. (2024). Annual average WTI and Brent crude oil spot prices from 1990 to 2023 (in U.S. dollars per barrel). Statista. Statista Inc.. Accessed: July 08, 2024. https://www.statista.com/statistics/209641/average-annual-spot-price-of-wti-and-brent-crude-oil/?session=4f26c6154ca96e4109ed9ef86252ad4d
EIA. "Annual Average Wti and Brent Crude Oil Spot Prices from 1990 to 2023 (in U.S. Dollars per Barrel)." Statista, Statista Inc., 24 Jan 2024, https://www.statista.com/statistics/209641/average-annual-spot-price-of-wti-and-brent-crude-oil/?session=4f26c6154ca96e4109ed9ef86252ad4d
EIA, Annual average WTI and Brent crude oil spot prices from 1990 to 2023 (in U.S. dollars per barrel) Statista, https://www.statista.com/statistics/209641/average-annual-spot-price-of-wti-and-brent-crude-oil/?session=4f26c6154ca96e4109ed9ef86252ad4d (last visited July 08, 2024)
Annual average WTI and Brent crude oil spot prices from 1990 to 2023 (in U.S. dollars per barrel) [Graph], EIA, January 24, 2024. [Online]. Available: https://www.statista.com/statistics/209641/average-annual-spot-price-of-wti-and-brent-crude-oil/?session=4f26c6154ca96e4109ed9ef86252ad4d
