Oil: Price of a barrel as of May 7, 2024


By
M.F.


| 1 minute ago

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The price of oil is a crucial indicator for the global economy and financial markets. The price of a barrel of oil influences many sectors, from the automobile industry to energy, including agriculture and transport.

Comparing crude oil prices between May 6 and 7, 2024, we notice:

  • The drop in the price of WTI crude oil went from $78.48 to $78.38
  • The decrease in the price of Brent oil went from $83.33 to $83.16
  • The drop in the price of the OPEC basket went from $83.74 to $83.60

Below is an overview of key data concerning the oil price as of May 7, 2024, based on the following benchmark indices

Price of a barrel of oil in dollars

Hint

07 May

06 May

variation in %

WTI Crude Oil

78.38

78.48

-0.13%

Brent Oil

83.16

83.33

-0.20%

OPEC basket

83.60

83.74

-0.17%

Factors influencing the price of oil

Oil prices are influenced by a multitude of factors, such as global supply and demand, geopolitical tensions, production policies of exporting countries, overall economic conditions and currency fluctuations. These factors can cause daily variations in oil prices on international markets.

Terminology

Term

Definition

WTI Crude Oil

A high-quality, light grade of oil mined in the United States, known for its low sulfur content.

Brent Oil

Grade of crude oil produced in the North Sea, used as an international benchmark for oil prices.

OPEC basket

Index bringing together several grades of crude oil from OPEC member countries to assess average prices.

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