Crude Oil Price Today WTI OIL PRICE CHART OIL PRICE PER BARREL

Last autumn price peaks have given way to a more recent stabilisation,with oil prices now ranging between $70 and $75 perbarrel. As ofmiddle November 2024, Brent crude was trading around $71.97, while West TexasIntermediate (WTI) stood at $68.04 per barrel. This recent dip from theprevious week reflects the market’s sensitivity to both demand forecasts andongoing geopolitical factors. It is to be noted here that OPEC+ had planned to gradually roll back oil production cuts with small increases over many months in 2024 and 2025.

NOG has a policy to set its dividend strategy once a tradeallcrypto overview year before declaring the first quarter dividend in any calendar year. For 2025, the company has decided to increase its quarterly dividend to 45 cents per share, resulting in an expected 10% annual increase compared to 2024. Its robust cash flow and disciplined financial strategy support its incremental dividend strategy.

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• However, the global pool of oil and the ease with which oil moves around the world levels some of these price pressures, and no one oil producer to completely dominate the world market.
• Technologicaladvancements and a shift towards renewable energy are gradually reducing thereliance on traditional oil.
• Kar Yong Ang, a financial marketanalyst at Octa Broker, deciphers current oil market trends, elucidating theeconomic and trading implications for market participants to consider.
• To help its clients reach their investment goals,Octa offers free educational webinars, articles, and analytical tools.
• Last autumn price peaks have given way to a more recent stabilisation,with oil prices now ranging between $70 and $75 perbarrel.
• These are standardised products used to determine the prices for all other types.

Inthe long term, the oil market faces a transformative shift as renewable energyadoption accelerates. With governments worldwide investing heavily insustainable energy infrastructure, global oil demand is projected to declinegradually over the next two decades. According to the IEA, global oilconsumption could decrease by as much as 25% by 2040 as electric vehicle adoption andgreen technology become mainstream. This energy transition poses bothchallenges and opportunities for the oil sector, requiring adaptation toshifting consumer demands. Meanwhile, the EIA said gasoline inventories increased by 3.3 million barrels last week but remain about 3 percent below the five-year average for this time of year.

NOG, carrying a Zacks Rank #3 (Hold) currently,believes that with the growth of the company, the shareholders too deserve a portion of the increased cash flow via shareholder returns. Therefore, the company’s incremental dividend strategy reflects a superior return model supporting a prudent payout ratio with healthy growth prospects. The weekly petroleum status report by the US EIA (Energy Information Administration) said that total motor gasoline inventories increased by 3.3 million barrels for the week ending November 22. Both finished gasoline and blending components inventories increased last week. Other significant recent historical highs include $77.74 per barrel in Jul, 2006 and $109.50 per barrel in Aug, 2013.

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Such geopolitical decisions highlight theimportance of inside bar trading strategy political stability in the oil sector. As a critical resource in the globaleconomy, oil is integral not only to the energy sector but also to industriessuch as transportation, manufacturing, and agriculture. Changes in its pricesimpact inflation rates, production costs, and global trade. This effect ripples throughvarious sectors, with higher transportation and production costs driving upprices for goods and services worldwide. Kar Yong Ang, a financial marketanalyst at Octa Broker, deciphers current oil market trends, elucidating theeconomic and trading implications for market participants to consider. If you check live prices on Saturdays, you will always see the last recorded WTI crude price from the previous Friday.

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Both crude oil and petroleum product prices can be affected by events that have the potential to disrupt the flow of oil and products to market, including geopolitical and weather-related developments. These types of events may lead to actual disruptions or create uncertainty about future supply or demand, which can lead to higher volatility in prices. The volatility of oil prices is inherently tied to the low responsiveness or "inelasticity" of both supply and demand to price changes in the short run. Both oil production capacity and the equipment that use petroleum products as their main source of energy are relatively fixed in the near-term. It takes years to develop new supply sources or vary production, and it is very hard for consumers to switch to other fuels or increase fuel efficiency in the near- term when prices rise.

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Seasonal heatingdemand during the winter months typically drivesprices upward,especially in colder regions. Brent crude oil trades six days a week, so based on which day you’re looking at crude oil spot prices, you may be getting the last recorded live price. At local time on Sundays for your chosen exchange, you’ll almost certainly get the last Brent crude oil spot price that the market closed with. The abbreviation indicates one barrel of crude oil, but you may see Gbbl (one billion barrels), as well as Mbbl (one million barrels) or Kbbl for one thousand barrels. For example, you can see that Brent crude oil spot prices are quoted by the barrel (bbl), as are West Texas Intermediate (WTI) oil prices on global futures exchanges like NYMEX. Technological developments and changes in resource distributions along the oil supply chain will also impact crude oil spot prices.

Price of oil (Brent Crude and WTI)

Under such conditions, a large price change can be necessary to re-balance physical supply and demand following a shock to the system. Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Because the supply of crude oil is limited but demand is constantly increasing, the price of oil is also continuously rising. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity.

Traders also looked ahead to an OPEC+ meeting over the meeting, with the Organization of the Petroleum Exporting Countries and its allies expected to further delay the oil output increase set for January. Distillate fuel inventories, which include heating oil and diesel, also crept up by 0.4 million barrels last week but remain about importance of sdlc in software development 5 percent below the five-year average for this time of year, the EIA said. Ahead of the earnings release, Liberty’s board of directors announced a dividend of 8 cents per common share payable on Dec. 20 to its stockholders of record as of Dec. 6. This dividend represents a 14% increase from the prior regular quarterly dividend of 7 cents per share. Along with the third-quarter earnings, PBF Energy announced a 10% increase in its quarterly dividend. The new dividend of 27.5 cents was paid on Nov. 27 to its shareholders of record on Nov. 13.