This statistic shows the UK Brent crude oil price development since 1976 as a time series. In 1980, the average price of UK Brent crude oil was at 36.8 U.S. dollars per barrel. Brent is the world's leading price benchmark for Atlantic basin crude oils. The price of crude oil is closely observed as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well.
Crude oil benchmarks
In 2014, the UK Brent crude oil prices totaled an average of around 99 U.S. dollar per barrel, a large increase from the 2001 average, at 24.45 U.S. dollars per barrel. Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density. This oil originates in the North Sea and is comprised of several different oil blends including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe.
West Texas Intermediate (WTI) oil prices totaled 25.9 U.S. dollars per barrel in 2001 and rose to 96.34 U.S. dollars per barrel in 2014. The WTI is another type of sweet light oil and is often referenced alongside of UK Brent.
Urals oil is used as a benchmark price for Russian export oil mixtures. It is a combination of heavy and light oils. The price of Urals crude oil is expected to rise from 78.2 U.S. dollars per barrel in 2010 to 116 U.S. dollars per barrel by 2016. Oil futures class Urals is listed on the Russian Trading System stock exchange.