The price of oil remains a critical indicator for the global economy and financial markets. The cost of a barrel of crude oil affects a wide range of sectors—from the automotive industry to energy, agriculture, and transportation.
A comparison of crude oil prices between May 7 and May 8, 2025, shows the following trends:
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The price of WTI crude rose from $58.03 to $60.11 per barrel.
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Brent crude increased from $61.09 to $63.10 per barrel.
It is also worth noting that the daily price of the OPEC basket stood at $61.80 per barrel on May 2, 2025.
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