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Crude Oil WTI

68.11 USD/bbl -1.86 (-2.66%) (Last updated - December 02, 2024 11:56 PM UTC )

Day High

90.75

Day Low

87.03

Previous Close

88.47

52 Week Range

61.56 - 130.5

Change YTD

-4.94%

Risk Disclaimer

About

Performance USD/oz	Change
5 Day	1.19%
1 Month	-9.84%
3 Months	-16.5%
6 Months	-16.61%
52 Week	-10.33%

December 02, 2024 11:56 PM UTC

Data Powered by Stockdio. Data delayed by 5 minutes unless otherwise indicated.

It was in the early part of the 20th century when oil started to replace coal as the main form of fuel. Sooner steam engines were replaced by internal combustion engines, and crude oil gained the status of the most vital fuel among all energy sources. Billions of dollars started flowing in projects worldwide to discover the next big reserves.

Crude oil is a naturally occurring yellow-to-black flammable liquid hydrocarbon substance found beneath the Earth’s surface. These liquid hydrocarbons are formed due to the constant accumulation of organic substances over millions of years in geological ‘kitchen’ in subsurface structures. The sediments are subjected to heat and pressure by overlying rocks and gradually convert the organic sediments into crude oil. The process is referred to as ‘cooking’ by petroleum geologists, and the type of cooking decides the final product, be it natural gas, crude oil or coal.

Crude oil has been the centre of geopolitics for many decades now. It is one of the most traded commodities around the world, but there are very few producers. Almost 40% of the global supply is produced by a handful of nations from the OPEC+ pack. The United States, Canada, China, and few African countries are the major producers outside OPEC+.

Crude oil prices are highly volatile, and trends could reverse overnight. Some of the major factors influencing the price of crude oil are:

Demand and supply
U.S stockpile data
OPEC+ policies
War and conflict in the Middle East or OPEC+ countries
Geopolitics
Policy shift of major oil-consuming countries

Code	Company	Price	Chg	%Chg	High	Low	Volume	Market Cap
88E	88E 88 Energy Ltd	0.002	0.000	0.000	0.002	0.002	519697	57.868 M
ADX	ADX Adx Energy Ltd	0.105	0.005	5.000	0.105	0.100	121236	56.056 M
AFA	AFA ASF Group Ltd	0.020	0.000	0.000	0.020	0.020	360	15.848 M
ATS	ATS Australis Oil & Gas Ltd	0.009	0.000	0.000	0.009	0.009	1590201	11.601 M
AXP	AXP AXP Energy Limited	0.001	0.000	0.000	0.001	0.001	1829	5.825 M
BAS	BAS Bass Strait Oil Co Ltd	0.062	-0.003	-4.615	0.064	0.062	443428	18.881 M
BHP	BHP BHP Group Limited	40.550	-0.350	-0.856	40.550	40.030	6988271	217,970.917 M
BLU	BLU Blue Energy Ltd	0.009	0.001	12.500	0.009	0.008	1648255	12.957 M
BNL	BNL Blue Star Helium Ltd	0.004	-0.001	-20.000	0.005	0.004	5385251	8.085 M
BPT	BPT Beach Energy Ltd	1.240	-0.010	-0.800	1.255	1.230	5058364	2,931.509 M
BRU	BRU Buru Energy Ltd	0.045	-0.003	-6.250	0.045	0.045	31608	35.619 M
BUY	BUY Bounty Oil and Gas NL	0.005	0.000	0.000	0.005	0.005	50000	7.493 M
CEL	CEL Challenger Gold Limited	0.052	0.001	1.961	0.054	0.051	1319603	79.050 M
COE	COE Cooper Energy Ltd	0.170	0.000	0.000	0.175	0.165	727578	435.607 M
CVN	CVN Carnarvon Petroleum Ltd	0.165	0.000	0.000	0.165	0.157	2188547	286.254 M
DOW	DOW Downer Edi Ltd	5.650	-0.040	-0.703	5.720	5.620	531752	3,868.267 M
EEG	EEG Empire Energy Group Ltd	0.195	0.000	0.000	0.195	0.185	1556423	193.287 M
EMP	EMP Emperor Energy Ltd	0.024	0.000	0.000	0.024	0.023	170469	9.508 M
EXR	EXR Elixir Petroleum Ltd	0.052	-0.001	-1.887	0.053	0.051	974321	67.021 M
FAR	FAR FAR Ltd	0.495	-0.005	-1.000	0.500	0.495	124290	47.591 M
FME	FME Future Metals NL	0.019	-0.001	-5.000	0.019	0.018	1475745	11.501 M
FZR	FZR Fitzroy River Corporation Ltd	0.120	0.000	0.000	0.120	0.120	5000	12.955 M
GGE	GGE Grand Gulf Energy Ltd	0.003	0.000	0.000	0.003	0.003	1500000	7.351 M
GGX	GGX Gas2grid Ltd	0.001	0.000	0.000	0.001	0.001	--	4.089 M
GLL	GLL Galilee Energy Ltd	0.013	-0.001	-7.143	0.013	0.013	11313	7.801 M
GRV	GRV Greenvale Energy Ltd	0.023	0.000	0.000	0.024	0.023	133695	10.896 M
HCD	HCD Hydrocarbon Dynamics Ltd	0.003	0.000	0.000	0.003	0.003	164	2.426 M
HHR	HHR Hartshead Resources NL	0.007	0.000	0.000	0.008	0.006	12784570	22.469 M
HZN	HZN Horizon Oil Ltd	0.180	-0.005	-2.703	0.187	0.180	2377994	300.681 M
ICN	ICN Icon Energy Ltd	0.006	0.000	0.000	0.006	0.006	--	4.608 M
JPR	JPR Jupiter Energy Ltd	0.030	0.000	0.000	0.030	0.030	500000	38.235 M
KAR	KAR Karoon Energy Ltd	1.340	-0.030	-2.190	1.360	1.317	6403863	1,114.463 M
KEY	KEY Key Petroleum Ltd	0.001	0.000	0.000	0.001	0.001	--	2.263 M
LIO	LIO Lion Energy Ltd	0.020	0.000	0.000	0.020	0.020	6800	9.177 M
LKO	LKO Lakes Oil NL	1.000	0.000	0.000	1.000	1.000	--	0.059 M
MAY	MAY Melbana Energy Ltd	0.032	0.000	0.000	0.032	0.030	1976534	101.106 M
MEC	MEC Morphic Ethical Equities Fund Ltd	1.030	-0.015	-1.435	1.060	1.025	20030	37.610 M
MEL	MEL Metgasco	0.005	0.000	0.000	0.005	0.005	2028365	7.288 M
NZO	NZO New Zealand Oil and Gas Ltd	--	--	--	--	--	--	87.341 M
ODY	ODY Odyssey Energy Ltd	0.022	0.000	0.000	0.023	0.020	348141	18.876 M
OEL	OEL Otto Energy Ltd	0.011	-0.001	-8.333	0.013	0.011	5503976	57.540 M
ORG	ORG Origin Energy Ltd	10.100	0.090	0.899	10.150	9.930	2694162	17,003.542 M
PCL	PCL Pancontinental Oil & Gas NL	0.015	-0.001	-6.250	0.016	0.014	9170744	130.105 M
PH2	PH2 Pure Hydrogen Corporation Ltd	0.115	0.005	4.546	0.115	0.110	919958	43.075 M
PRM	PRM Prominence Energy NL	0.006	0.000	0.000	0.006	0.006	--	2.335 M
PVE	PVE PO Valley Energy Ltd	0.039	0.000	0.000	0.039	0.039	7828	44.041 M
QEM	QEM QEM Ltd	0.051	0.000	0.000	0.051	0.050	115500	10.496 M
ROG	ROG Red Sky Energy Ltd	0.007	0.000	0.000	0.008	0.007	3911747	43.378 M
SGC	SGC Sacgasco Ltd	--	--	--	--	--	--	4.483 M
SHE	SHE Stonehorse Energy Ltd	0.008	0.000	0.000	0.008	0.008	--	5.476 M
STO	STO Santos Ltd	6.700	-0.030	-0.446	6.710	6.660	4851022	22,084.837 M
STX	STX Strike Energy Ltd	0.225	0.005	2.273	0.225	0.220	2969385	616.055 M
TDO	TDO 3D Energi Limited	0.087	0.002	2.353	0.100	0.085	1850961	23.203 M
TEG	TEG Triangle Energy Global Ltd	0.007	0.001	16.667	0.007	0.006	2917311	14.561 M
TMK	TMK TMK Energy Ltd	0.002	0.000	0.000	0.002	0.002	12499650	22.775 M
TOU	TOU Tlou Energy Ltd	0.016	0.001	6.667	0.016	0.015	32784	18.180 M
VEA	VEA Viva Energy Group Ltd	2.560	0.020	0.787	2.560	2.505	3290523	4,202.324 M
VEN	VEN Vintage Energy Ltd	0.007	0.001	16.667	0.007	0.007	1597864	13.356 M
WEL	WEL Winchester Energy Ltd	0.003	0.000	0.000	0.003	0.003	--	4.089 M

* Data powered by EODHD®. Data delayed 20 minutes unless otherwise indicated.

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Frequently Asked Questions

1. How is crude oil priced?

Pricing of crude oil depends on several factors, including demand, supply and quality of crude oil. Two of the most important quality parameters of crude oil are its specific gravity and sulphur content. Specific gravity is relative density with respect to water. Low density and low-sulphur content crude oil fetches higher prices in the market. Higher sulphur content increases the risk of corrosion of the piping and equipment through which it is passed during the refining process.

Brent and WTI crude oil are used as benchmarks to rate the quality of crude oil produced from other countries or regions and are priced accordingly. Brent and WTI crude oil have a sulphur content of less than 0.5% and API (American Petroleum Institute) gravity of less than 40.

API Gravity = 141.5/ (S.G at 600)– 131.5

S.G is the specific gravity of crude oil

The oil produced in any region is priced according to its API gravity and sulphur content with respect to benchmark crude oil.

2. How are crude oil future contracts traded?

Oil prices are driven by the demand and supply variables in the market. Traders go for future contracts to hedge their crude oil purchases/investments. Oil futures are derivative instruments that can be traded on exchanges and are often used by traders and oil companies to keep them safe from a sudden spike in prices.

Oil futures are like any other futures contract, traders agree to take the delivery of crude oil on a fixed date in exchange for a set contract price. The positions could be sold out at any time before the expiry date of the contract. If it is not squared off, then the buyer of the contract has to take the delivery of crude oil.

3. What is crude oil spot market?

Crude oil is traded in physical quantities in the ‘spot market’ in near-term delivery contracts. The prices in the spot market are highly volatile as they are traded for a short term. In the spot market, mostly refiners and traders who deal in crude oil trade as they can take the physical delivery.

The payment terms and prices depend on the factors such as currency and relationships between countries. The countries which are in good books fetch favourable prices of their crude oil than the countries whose assets are under the control of extremists.

4. How are various sectors affected by crude oil price fluctuations?

1. Paint industry – petroleum and its derivatives are used as raw materials for the industry.

2. Tyres - petroleum and its derivatives are used as raw materials in the manufacturing of tyres.

3. Aviation industry – Costlier crude oil will lead to price rise in jet fuels.

4. Auto – Higher fuel prices may negatively impact the sales.

5. Cement industry- Uses petroleum products in very little quantity, however, the cost of shipping the final products is heavily influenced by the crude oil prices.

5. Which is the largest producer of crude oil?

The United States of America was the largest crude oil producer in the year 2020. The USA produced 17.62 million barrels of crude oil every day on an average in the year 2020. Russia secured the second position with 10.6 million barrels/ day followed by Saudi Arabia with 9.2 million barrels/day. However, when it comes to reserves, Venezuela holds the worlds’ largest known reserve, estimated at around 3 billion barrels of crude oil. This is around 18% of the total world’s reserve.