Crude oil price chart 2024

On June 24, 2024, the Brent crude oil price stood at 86.05 U.S. dollars per barrel, compared to 81.63 U.S. dollars for WTI oil and 85.98 U.S. dollars for the OPEC basket. 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. The increase noted in mid-June 2024 reflects anticipated higher fuel demand during the summer months.

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 June 27, 2022 to June 24, 2024 (in U.S. dollars per barrel)

Characteristic	Brent	OPEC basket	WTI
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
Nov 7, '22	98.09	97.32	91.79
Oct 31, '22	92.53	93.17	86.53
Oct 24, '22	93.32	92.17	84.58
Oct 17, '22	91.62	92.16	85.46
Oct 10, '22	95.88	99.13	91.13
Oct 3, '22	88.75	92.13	83.63
Sep 26,'22	82.79	89.5	76.71
Sep 19, '22	91.83	95.2	85.73
Sep 12, '22	94.08	97.5	87.78
Sep 6, '22	92.53	99.03	86.88
Aug 29, '22	102.73	104.85	97.01
Aug 22, '22	96.77	98.72	90.23
Aug 15, '22	94.58	100.04	89.41
Aug 8, '22	96.41	100.78	90.76
Aug 1, '22	99.69	106.8	93.89
Jul 25, '22	100.13	106.27	96.7
Jul 18, '22	105.81	108.76	102.6
Jul 11, '22	106.64	108.86	104.09
Jul 5, '22	102.9	114.3	99.5
Jun 27, '22	111.17	114.88	109.57

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Release date

June 2024

More information

Region

Worldwide

Survey time period

June 27, 2022 to June 24, 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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Weekly oil prices in Brent, OPEC basket, and WTI futures 2022-2024

Lowest ever oil prices during coronavirus pandemic

How crude oil prices are determined

Closing price of Brent, OPEC basket, and WTI crude oil at the beginning of each week from June 27, 2022 to June 24, 2024 (in U.S. dollars per barrel)

Other statistics on the topic
Oil and gasoline prices worldwide

Statistics on " Oil and gasoline prices "

Other statistics that may interest you Oil and gasoline prices

Further Content: You might find this interesting as well

Statistics

Topics

Lowest ever oil prices during coronavirus pandemic

How crude oil prices are determined

Closing price of Brent, OPEC basket, and WTI crude oil at the beginning of each week from June 27, 2022 to June 24, 2024 (in U.S. dollars per barrel)

Other statistics on the topicOil and gasoline prices worldwide

Statistics on " Oil and gasoline prices "

Other statistics that may interest you Oil and gasoline prices

Further Content: You might find this interesting as well

Statistics

Topics

Other statistics on the topic
Oil and gasoline prices worldwide