|Prices + Charts + Real-Time||News||Type||Show in currency|
|56.01 USD||-0.46 USD||-0.81 %|
|Trade Time||02:10 PM
|Daily Low||55.74||Daily High||56.66|
|52-week Low||33.29||52-week High||58.37|
|02/19/17||Fight to keep Brent oil benchmark fit for purpose (EN, Financial Times)|
|01/18/17||Hyperloop One Elevates Brent Callinicos to Operating and Financial Chief (EN, The Wall Street Journal Deutschland)|
|01/11/17||Crude Oil Surges 3.5%; Brent Rises Above $55 (EN, The Wall Street Journal Deutschland)|
|01/03/17||Oil Futures Turn Lower (EN, The Wall Street Journal Deutschland)|
|12/15/16||Bets surge on WTI playing catch-up with Brent price (EN, Financial Times)|
|12/01/16||Oil prices extend gains in wake of Opec deal (EN, Financial Times)|
|12/01/16||Oil Keeps Rising After OPEC Output Deal (EN, The Wall Street Journal Deutschland)|
|10/27/16||Allergan CEO Brent Saunders Succeeds Paul Bisaro as Chairman (EN, The Wall Street Journal Deutschland)|
|Date||Closing Price||Open||Daily High||Daily Low|
Crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development. There are different types of crude oil. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. From there, the crude oil is transported by tanker.
Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Crude oil is also used in cosmetics and medicines. Because the supply of crude oil is limited but demand is constantly growing, 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. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 percent.
Because the crude oil industry has developed hardly at all in recent years due to a lack of investment capital for discovery, extraction and further processing, global production can barely meet the high demand for crude oil from countries such as the USA, China or India. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and will rise further.
On an international level there are a number of different types of crude oil, each of which have different properties and prices. The different types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. These are standardized products used to determine the prices for all other types. The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals.
The most important trading venue for European Brent Crude Oil is the International Petroleum Exchange in London.