WTI Crude Oil Price

How the wti crude oil price has moved across key timeframes. Change is calculated from the opening price of each period to the current price.

Crude oil is the world's most actively traded commodity and the primary source of energy for transportation, industry, and petrochemical production. West Texas Intermediate (WTI) is the benchmark grade for North American crude, priced on the New York Mercantile Exchange (NYMEX). Global oil markets move trillions of dollars annually and are deeply intertwined with geopolitics, monetary policy, and macroeconomic cycles.

The modern oil industry began in 1859 when Edwin Drake drilled the first commercial well in Titusville, Pennsylvania. By the early 20th century, oil had displaced coal as the dominant energy source for transportation. The formation of OPEC in 1960, the 1973 Arab oil embargo, and the 1979 Iranian Revolution embedded crude oil at the center of global geopolitics. WTI futures trading launched on NYMEX in 1983, creating the benchmark still used today. The shale revolution of the 2010s transformed the United States from a major importer into the world's largest crude oil producer.

Roughly 70% of crude oil is refined into transportation fuels - gasoline, diesel, and jet fuel. Another 15 to 20% is used as feedstock for the petrochemical industry, producing plastics, synthetic rubber, fertilizers, pharmaceuticals, and solvents. Residual fuel oil powers marine shipping and some power plants. Lubricants, asphalt, and waxes account for the remainder. Despite the energy transition, global oil demand continues to grow, driven largely by emerging-market industrialization and aviation.

Global crude oil production is approximately 100 million barrels per day. The United States leads production (~13 Mb/d), followed by Saudi Arabia, Russia, Canada, and Iraq. OPEC+ (the 13-member OPEC cartel plus allies like Russia) controls roughly 40% of world output and actively manages supply to influence prices. The Permian Basin in Texas and New Mexico is the most prolific shale play. Offshore deepwater production in the Gulf of Mexico, Brazil, and Guyana is a growing source of supply.

WTI crude oil prices are determined on NYMEX (CME Group) and are quoted in USD per barrel (42 US gallons). Key drivers include OPEC+ production decisions, US shale output growth, strategic petroleum reserve releases, global economic growth (especially China and India), refinery utilization rates, US dollar strength, geopolitical risk premiums (Middle East tensions, sanctions), and weekly US inventory data published by the EIA. The WTI-Brent spread reflects logistical and quality differentials between the two benchmarks.

Investors access crude oil through NYMEX WTI futures (contract size: 1,000 barrels), micro WTI futures (100 barrels), crude oil ETFs (such as USO or BNO), energy-sector ETFs, or shares in integrated oil companies (ExxonMobil, Chevron, Shell) and E&P companies (Pioneer Natural Resources, Devon Energy). Futures-based ETFs can suffer from contango roll costs over time. Options on WTI futures offer leveraged or hedged exposure. Direct physical investment in crude oil is not practical for retail investors.