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On November 11, 2024, the Brent crude oil price stood at 71.97 U.S. dollars per barrel, compared to 68.04 U.S. dollars for WTI oil and 72.92 U.S. dollars for the OPEC basket. This was a decrease compared to the previous week, with demand outlooks for some of the biggest consumer markets, such as China, remaining low.
Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices.

Lowest ever oil prices during coronavirus pandemic

In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020.

How crude oil prices are determined

As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Closing price of Brent, OPEC basket, and WTI crude oil at the beginning of each week from November 14, 2022 to November 11, 2024 (in U.S. dollars per barrel)

Characteristic	Brent	OPEC basket	WTI
Nov 11, '24	71.97	72.92	68.04
Nov 4. '24	75.29	74.02	71.47
Oct 28, '24	71.63	71.59	67.38
Oct 21, '24	74.05	73.02	70.56
Oct 14, '24	77.58	77.18	73.83
Oct 7, '24	81.08	78.5	77.14
Sep 30, '24	71.78	73	68.17
Sep 23, '24	74.05	74.44	70.37
Sep 16, '24	72.94	72.77	70.09
Sep 9, '24	71.69	72.23	68.71
Sep 3, '24	73.76	76.29	70.34
Aug 26, '24	80.11	79.43	77.42
Aug 19, '24	77.75	78.69	74.37
Aug 12, '24	81.92	79.92	80.06
Aug 5, '24	77.11	75.03	72.94
Jul 29, '24	79.03	80.66	75.81
Jul 22, '24	82.33	82.77	79.89
Jul 15, '24	84.88	85.31	81.91
Jul 8, '24	85.65	86.81	82.33
Jul 1, '24	86.76	86.51	83.38
Jun 24, '24	86.05	85.98	81.63
Jun 17, '24	84.39	83.06	80.33
Jun 10, '24	81.78	80.93	77.74
Jun 3, '24	78.16	81.3	74.22
May 28, '24	84.23	84	79.83
May 20, '24	83.7	84.51	79.8
May 13, '24	83.49	83.43	79.12
May 6, '24	83.42	83.74	78.48
Apr 29, '24	87.25	88.72	82.63
Apr 22, '24	87.16	86.51	82.85
Apr 15, '24	90.34	89.57	85.41
Apr 8, '24	90.52	90.29	86.43
Apr 2, '24	88.96	88.97	85.15
Mar 25, '24	86.11	85.43	81.95
Mar 18, '24	86.94	85.71	82.72
Mar 11, '24	82.45	82.61	77.93
Mar 4, '24	82.81	83.38	78.74
Feb 26, '24	81.72	80.83	77.58
Feb 20, '24	82.52	82.82	78.18
Feb 12, '24	82.07	81.43	76.92
Feb 5, '24	78.07	77.47	72.78
Jan 29, '24	82.03	84.19	76.78
Jan 22, '24	79.7	79.8	75.19
Jan 16, '24	77.78	79.16	72.4
Jan 8, '24	76.39	78.21	70.77
Jan 2, '24	75.91	78.28	70.38
Dec 27, '23	79.31	81.82	74.11
Dec 18, '23	78.15	78.47	72.47
Dec 11, '23	76.14	77.93	71.32
Dec 4, '23	78.24	79.63	73.04
Nov 27, '23	79.96	82.75	74.86
Nov 20, '23	82.09	84.44	77.6
Nov 13, '23	82.75	84.08	78.26
Nov 6, '23	85.19	88.86	80.82
Oct 30, '23	86.6	91.1	82.31
Oct 23, '23	90.35	94.29	85.49
Oct 16, '23	90.02	93.23	86.66
Oct 9, '23	88.13	90.01	86.38
Oct 2, '23	90.54	95.02	88.82
Sep 25, '23	93.39	95.31	89.68
Sep 18, '23	94.57	96.93	91.48
Sep 11, '23	90.54	93.12	87.29
Sep 5, '23	90.03	91.44	86.69
Aug 28, '23	83.91	87.1	80.1
Aug 21, '23	84.44	87.58	80.72
Aug 14, '23	86.27	88.66	82.51
Aug 7, '23	85.81	88.25	81.94
Jul 31, '23	85.47	86.45	81.8
Jul 24, '23	82.9	83.19	78.74
Jul 17, '23	78.45	80.05	74.15
Jul 10, '23	77.86	79.09	72.99
Jul 3, '23	74.94	76.12	69.79
Jun 26, '23	74.51	74.65	69.37
Jun 20, '23	75.97	76.85	70.5
Jun 12, '23	71.8	72.96	67.12
Jun 5, '23	76.44	77.09	72.15
May 30, '23	74.02	75.19	69.46
May 22, '23	75.95	75.24	71.99
May 15, '23	75.28	74.45	71.11
May 8, '23	76.63	76.56	73.16
May 2, '23	75.16	78.59	71.66
Apr 24, '23	82.53	82.3	78.76
Apr 17, '23	84.82	86.43	80.83
Apr 11, '23	85.53	85.42	81.53
Apr 3, '23	84.82	84.84	80.42
Mar 27, '23	77.76	75.01	72.81
Mar 20, '23	73.8	70.77	67.64
Mar 13, '23	80.66	81.88	74.8
Mar 6, '23	86.32	84.59	80.46
Feb 27, '23	82.01	81.64	75.68
Feb 21, '23	82.78	81.94	76.16
Feb 13, '23	85.99	84.23	80.14
Feb 6, '23	81.29	78.2	74.11
Jan 30, '23	84.08	83.45	77.9
Jan 23, '23	88.1	85.45	81.62
Jan 16, '23	84.72	82.25	80.33
Jan 9, '23	79.74	77.57	74.63
Jan 3, '23	82.4	82.05	76.93
Dec 27, '22	84.87	82.23	79.53
Dec 19, '22	80.31	78.11	75.19
Dec 12, '22	78.2	74.94	73.17
Dec 5, '22	83	83.16	76.93
Nov 28, '22	83.58	79.93	77.28
Nov 21, '22	87.25	84.18	79.73
Nov 14, '22	92.51	94.42	85.87

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Release date

November 2024

More information

Region

Worldwide

Survey time period

November 14, 2022 to November 11, 2024

Supplementary notes

This statistic was assembled from multiple sources. Data for Brent was taken from Börse Frankfurt, WTI prices were taken from BNN Bloomberg, and information on the OPEC basket was published by OPEC. All prices are for front-month future contracts.

Whenever a public holiday fell on a Monday, Tuesday prices were considered for all benchmarks for consistency.

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