Oil prices are key indicators for the global economy and financial markets. The price of oil affects many sectors, from the automotive industry to energy, agriculture and transportation.
Comparing crude oil prices between 01 and 02 August, we note:
- WTI crude oil price decline from 81,37$ to 79,49$
- Brent oil price decline from 84,91$ to 83,2$
- OPEC basket price increase from 86,6$ to 86,66$
The following is an overview of key oil price data as of 02 August 2023, based on the following benchmarks:
Oil price per barrel in dollars
|
Index |
01 August |
02 August |
% change |
|
WTI Crude |
81,37 |
79,49 |
-2,31% |
|
Brent Crude |
84,91 |
83,2 |
-2,01% |
|
Opec Basket |
86,6 |
86,66 |
+0,07% |
Factors influencing the price of oil
Oil prices are influenced by a multitude of factors, such as global supply and demand, geopolitical tensions, the production policies of exporting countries, global economic conditions and currency fluctuations. These factors can lead to daily changes in oil prices on international markets.
Terminology
|
Term |
Definition |
|
WTI Crude |
Is a high-quality, low-sulfur type of crude oil extracted primarily from wells in the United States, used as a benchmark for oil pricing in the Americas. |
|
Brent Crude |
Is a type of crude oil that is extracted from the North Sea. It is a widely used benchmark for global oil pricing and serves as a reference point for setting prices of crude oil worldwide |
|
Opec Basket |
Is a weighted average of crude oil prices from selected OPEC member countries, used as a benchmark for pricing OPEC’s oil exports. |
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