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 June 11 and 12, 2024, we note:
- The increase in the price of WTI crude oil went from $77.9 to $78.5
- The increase in the price of Brent oil went from $81.92 to $82.6
- The increase in the price of the OPEC basket rose from $82.36 to $83.1
Below is an overview of key oil price data as of June 12, 2024, based on the following benchmark indices
Price of a barrel of oil in dollars
| Hint | June 11 | June 12 | variation in % |
| WTI Crude Oil | 77.9 | 78.5 | +0.77% |
| Brent Oil | 81.92 | 82.6 | +0.83% |
| OPEC basket | 82.36 | 83.1 | +0.90% |
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. |
