Crude oil price chart 2023

On January 23, 2023, the Brent crude oil price stood at 88.19 U.S. dollars per barrel, compared to 81.62 U.S. dollars for WTI oil and 85.45 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. In March 2022, oil prices soared to highs not seen since 2008 as a result of the Russia-Ukraine war. The decrease noted since August reflects market uncertainty over a looming global recession.

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 conclusion 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 March 2, 2020 to January 23, 2023 (in U.S. dollars per barrel)

Characteristic	Brent	OPEC basket	WTI
Jan 23, '23	88.19	85.45	81.62
Jan 16, '23	84.46	82.25	80.33
Jan 9, '23	79.65	77.57	74.63
Jan 3, '23	82.1	82.05	76.93
Dec 27, '22	84.68	82.23	79.53
Dec 19, '22	79.8	78.11	75.19
Dec 12, '22	77.99	74.94	73.17
Dec 5, '22	82.68	83.16	76.93
Nov 28, '22	83.89	79.93	77.28
Nov 21, '22	87.45	84.18	79.73
Nov 14, '22	93.14	94.42	85.87
Nov 7, '22	97.92	97.32	91.79
Oct 31, '22	92.81	93.17	86.53
Oct 24, '22	93.26	92.17	84.58
Oct 17, '22	91.62	92.16	85.46
Oct 10, '22	96.19	99.13	91.13
Oct 3, '22	88.86	92.13	83.63
Sep 26,'22	84.06	89.5	76.71
Sep 19, '22	92	95.2	85.73
Sep 12, '22	94	97.5	87.78
Sep 6, '22	92.83	99.03	86.88
Aug 29, '22	105.09	104.85	97.01
Aug 22, '22	96.48	98.72	90.23
Aug 15, '22	95.1	100.04	89.41
Aug 8, '22	96.65	100.78	90.76
Aug 1, '22	100.03	106.8	93.89
Jul 25, '22	105.15	106.27	96.7
Jul 18, '22	106.27	108.76	102.6
Jul 11, '22	107.1	108.86	104.09
Jul 5, '22	102.77	114.3	99.5
Jun 27, '22	115.09	114.88	109.57
Jun 21, '22	114.65	115.97	110.65
Jun 13, '22	122.27	120.66	120.93
Jun 6, '22	119.51	119.85	118.5
May 31. '22	115.6	122.94	114.67
May 23, '22	113.42	115.95	110.29
May 16, '22	114.24	113.07	114.2
May 9, '22	105.94	112.48	103.09
May 2, '22	107.58	110.19	105.17
Apr 25, '22	102.32	101.93	98.54
Apr 18, '22	113.16	110.54	108.21
Apr 11, '22	98.48	100.08	94.29
Apr 4, '22	107.53	106.23	103.28
Mar 28, '22	112.48	113.39	105.96
Mar 21, '22	115.62	113.84	112.23
Mar 14, '22	106.9	110.67	103.01
Mar 7, '22	123.21	126.51	119.4
Feb 28, '22	100.99	99.22	95.72
Feb 22, '22	96.84	97.94	92.35
Feb 14, '22	96.48	95.16	95.46
Feb 7, '22	92.69	93.42	91.32
Jan 31, '22	89.16	90.89	88.15
Jan 24, '22	86.27	87.98	83.31
Jan 18, '22	87.51	88.08	85.43
Jan 10, '22	80.87	81.75	78.23
Jan 3, '22	78.98	78	76.08
Dec 27, '21	78.6	75.63	75.57
Dec 20, '21	71.52	70.94	68.23
Dec 13, '21	74.39	75.04	71.29
Dec 6, '21	73.08	71.41	69.49
Nov 29, '21	73.44	74.2	69.95
Nov 22, '21	79.7	78.9	76.75
Nov 15, '21	82.05	80.9	80.88
Nov 8, '21	83.43	82.34	81.93
Nov 1, '21	84.71	82.49	84.05
Oct 25, '21	85.99	84.66	83.76
Oct 18, '21	84.33	84.04	82.44
Oct 11, '21	83.65	82.53	80.52
Oct 4, '21	81.26	78.26	77.62
Sep 27, '21	79.53	77.73	75.45
Sep 20, '21	73.92	73.47	70.29
Sep 13, '21	73.51	72.77	70.45
Sep 7, '21	71.69	71.34	68.35
Aug 30, '21	73.41	71.88	69.21
Aug 23, '21	68.75	67.33	65.64
Aug 16, '21	69.51	69.65	67.29
Aug 9, '21	69.04	70.66	66.48
Aug 2, '21	72.89	73.89	71.26
Jul 26, '21	74.5	72.68	71.91
Jul 19, '21	68.62	70.54	66.42
Jul 12, '21	75.16	74.33	74.1
Jul 6, '21	74.53	75.94	73.37
Jun 28, '21	74.68	73.84	72.91
Jun 21, '21	74.9	72.45	73.66
Jun 14, '21	72.86	71.99	70.88
Jun 7, '21	71.49	70.15	69.23
Jun 1, '21	70.25	69.03	67.72
May 24, '21	68.46	66.93	66.05
May 17, '21	69.46	67.52	66.27
May 10, '21	68.32	67.1	64.92
May 3, '21	67.56	65.09	64.49
Apr 26, '21	65.65	63.22	61.91
Apr 19, '21	67.05	65.1	63.38
Apr 12, '21	63.28	61.44	59.7
Apr 5, '21	62.15	61.68	58.65
Mar 29, '21	64.98	62.86	61.56
Mar 22, '21	64.62	63.22	61.55
Mar 15, '21	68.88	68.18	63.39
Mar 8, '21	68.24	68.17	65.05
Mar 1, '21	63.69	64.21	60.64
Febr 22, '21	65.24	62.01	61.49
Feb 16, '21	63.35	62.49	60.05
Feb 8, '21	60.56	59.58	57.97
Feb 1, '21	56.35	55.13	52.77
Jan 25, '21	55.88	54.85	53.55
Jan 19, '21	55.9	54.85	52.98
Jan 11, '21	55.66	54.76	52.25
Jan 4, '21	51.09	51.35	47.62
Dec 28, '20	50.86	50.1	47.62
Dec 21, '20	50.91	49.57	47.74
Dec 14, '20	50.29	49.65	46.99
Dec 7, '20	48.79	47.77	45.76
Nov 30, '20	47.59	46.43	45.34
Nov 23, '20	46.06	44.75	43.06
Nov 16, '20	43.62	42.93	41.34
Nov 9, '20	42.4	39.97	40.29
Nov 2, '20	38.97	35.89	36.81
Oct 26, '20	40.46	39.22	38.56
Oct 19, '20	42.62	41.38	40.83
Oct 12, '20	41.72	40.57	39.43
Oct 5, '20	41.29	39.08	39.22
Sep 28, '20	42.43	41.61	40.57
Sep 21, '20	41.44	41.49	39.31
Sep 14, '20	39.61	38.96	37.26
Sep 8, '20	39.78	40.29	36.76
Aug 31, '20	42.61	46.27	45.28
Aug 24, '20	45.13	45.19	42.62
Aug 17, '20	45.37	44.94	42.89
Aug 10, '20	44.99	45.01	41.94
Aug 3, '20	44.15	44.02	41.01
Jul 27, '20	43.41	43.14	41.6
Jul 20, '20	43.28	43.03	40.81
Jul 13, '20	42.72	43.38	40.1
Jul 6, '20	43.1	43.57	40.63
Jun 29, '20	41.71	37.34	39.7
Jun 22, '20	43.08	38.96	40.46
Jun 15, '20	39.72	35.09	37.12
Jun 8, '20	40.8	38.89	38.19
Jun 1, '20	38.32	33.68	35.44
May 26, '20	35.53	29.75	34.35
May 18, '20	34.81	28.21	31.82
May 11, '20	29.63	22.71	24.14
May 4, '20	27.2	18.36	20.39
Apr 28, '20	20.46	12.41	14.22
Apr 20, '20	25.57	14.19	-37.63
Apr 14, '20	29.6	19.7	20.13
Apr 7, '20	31.87	22.67	23.63
Mar 30, '20	22.76	21.66	20.09
Mar 24, '20	27.15	26.53	24.01
Mar 16, '20	30.05	30.63	28.7
Mar 10, '20	37.22	35.73	34.36
Mar 6, '20	45.27	48.33	41.28
Mar 2, '20	51.9	51.65	46.75

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Release date

January 2023

More information

Region

Worldwide

Survey time period

March 2, 2020 to January 23, 2023

Supplementary notes

This statistic was assembled from multiple sources. Data for Brent was taken from Intercontinental Exchange (ICE), 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 2020-2023

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 March 2, 2020 to January 23, 2023 (in U.S. dollars per barrel)

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OPEC

Statistics on " Coronavirus: impact on the global economy "

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Further Content: You might find this interesting as well

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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 March 2, 2020 to January 23, 2023 (in U.S. dollars per barrel)

Other statistics on the topicOPEC

Statistics on " Coronavirus: impact on the global economy "

Statistics on Coronavirus: impact on the global economy

Further Content: You might find this interesting as well

Statistics

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OPEC