Economy

Crude oil prices on February 28, 2024 – Price per barrel

Oil barrel price

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 27 and 28 February, we note:

WTI crude oil price decrease from 78,87$ to 78,54$
Brent oil price decline from 82,66$ to 82,15$
OPEC basket price decline from 82,22$ to 82,02$

The following is an overview of key oil price data as of 28 February 2023, based on the following benchmarks:

Oil price per barrel in dollars

Index	27 February	28 February	% change
WTI Crude	78,87	78,54	-0,42%
Brent Crude	82,66	82,15	-0,62%
Opec Basket	82,22	82,02	-0,24%

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.