Oil Prices Today
Live crude oil prices for WTI, Brent, Dubai and OPEC basket. Real-time data updated every 5 minutes from global futures markets. Free API access for developers.
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Oil prices updated every 5 minutes from NYMEX, ICE and global futures markets
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Access decades of historical oil price data via our comprehensive API
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Understanding Today's Oil Prices
What Are Oil Prices?
Oil prices represent the cost of crude oil per barrel in global markets. The price you see today is determined by futures contracts traded on exchanges like NYMEX (New York) and ICE (London), reflecting supply and demand dynamics for oil delivery in future months.
Different crude oil types have different prices based on quality (API gravity and sulfur content) and location. WTI and Brent are "light, sweet" crudes - meaning they have low density and low sulfur, making them ideal for gasoline refining.
Major Oil Benchmarks
- WTI (West Texas Intermediate): U.S. benchmark, traded on NYMEX, delivered at Cushing, Oklahoma
- Brent Crude: Global benchmark from North Sea, traded on ICE, represents ~70% of world oil pricing
- Dubai Crude: Middle East benchmark, medium-sour crude, key for Asian markets
- OPEC Basket: Average of 13 OPEC member country crude oils, policy benchmark
What Affects Oil Prices Today?
Supply Factors
- •OPEC+ production decisions and quotas
- •U.S. shale oil production levels
- •Geopolitical events and sanctions
- •Strategic petroleum reserve releases
Demand Factors
- •Global economic growth and recession risk
- •Seasonal demand (summer driving, winter heating)
- •Refinery capacity and maintenance schedules
- •U.S. dollar strength (oil priced in USD)
Frequently Asked Questions About Oil Prices
What are oil prices today?
Current oil prices today: WTI crude oil is $66.48 per barrel, Brent crude is $71.76 per barrel. These prices are updated every 5 minutes from live futures markets and represent the cost of oil for delivery in the near-term futures contract (typically next month).
What is the difference between WTI and Brent crude oil?
WTI (West Texas Intermediate) is light, sweet crude from U.S. oil fields, delivered at Cushing, Oklahoma, and traded on NYMEX. Brent comes from North Sea oil fields and is traded on ICE. Brent is the global benchmark (used for ~70% of world oil pricing) and typically trades at a premium to WTI due to its accessibility to global markets.
How often are oil prices updated?
Our oil prices are updated every 5 minutes during market hours, providing near real-time data from NYMEX and ICE futures exchanges. This includes WTI, Brent, Dubai and OPEC basket prices with timestamps showing when each price was last updated.
What factors affect oil prices today?
Oil prices are influenced by many factors:
- Supply & Demand: Global production levels vs consumption
- OPEC Decisions: Production quotas from OPEC+ countries
- Geopolitics: Middle East tensions, sanctions, wars
- Economic Data: GDP growth, manufacturing activity, employment
- Dollar Strength: Oil is priced in USD, so dollar moves affect prices
- Inventory Reports: Weekly EIA data (Wednesdays 10:30 AM ET)
Access Oil Price Data via API
Get the same live oil price data powering this page. Perfect for trading platforms, financial analysis, energy dashboards, and research applications.
curl https://api.oilpriceapi.com/prices \
-H 'Authorization: Token YOUR_API_KEY'
# Response
{
"status": "success",
"data": {
"price": 66.48,
"currency": "USD",
"unit": "barrel",
"timestamp": "2026-02-22T12:04:10.111Z"
}
}