Oil prices on 12/07/2023

crude oil 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 11 and 12 july, we note:

  • WTI crude oil price increase from 74,83$ to 75,75$
  • Brent oil price rise from 79,4$ to 80,11$
  • OPEC basket price increase from 79,67$ to 80,63$

The following is an overview of key oil price data as of 12 July 2023, based on the following benchmarks:

Oil price per barrel in dollars


12 July

11 July

% change

WTI Crude




Brent Crude




Opec Basket





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.




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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