The Current Crude Oil Price. Crude oil is the most traded commodity in the world, and one that affects just about everyone.
Crude oil prices are similar to most other commodities and undergo wide price swings in times of oil shortage or oversupply. Since the Saudi and other OPEC members decided to try and drive the US shale industry into oblivion the price has plunged, wrecking the drilling and offshore industry and related support industries. It has been an epic fail of course and US shale production is getting lower cost and ready to ramp up. Since OPEC came to an agreement of sorts to try and reduce the glut of oil on the market, prices have risen however its hardly stable.
Once you used to hear the term peak oil and now its modified to peak oil demand which is the opposite.
Other major factors that affect current oil prices include a weak US dollar, the gold price, continuing expansion of Asian (Chinese) economies and related petroleum consumption.
The price also gets affected by hurricanes and U.S. refinery problems. Another factor is the level of petroleum inventories held in the U.S. and other consuming countries.
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The quoted price of petroleum refers to the spot price either (West Texas Intermediate) WTI/Light Crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma or Brent Crude as traded on the Intercontinental Exchange (ICE) for delivery at Sullom Voe.
The price of a barrel of oil depends on the grade of oil, which is related to its specific gravity and sulphur content and its location
The spot price or spot rate of oil is the price quoted for immediate (spot) settlement (payment and delivery). This spot settlement is normally one or two business days from trade date.
In futures prices the forward price is established in a forward contract or futures contract where the contract terms (price) are set now, but delivery and payment will occur at a future date.
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