Supply and production
Output decisions by major producing countries and companies set the baseline for how much crude reaches the market in any given month.
Crude Oil Benchmark Intelligence
Oil prices without the noise.
WTI and Brent benchmark data, historical context, and practical barrel calculations. Track the most recent available observations without the market noise.
EIA reports daily trading-day observations in scheduled releases. DollarsPerBarrel displays the most recent available observation and its exact data date.
Latest available benchmarks
WTI Crude
Observation Jul 27, 2026
$84.25
Down: -$7.49 (-8.2%) vs. previous observation
Brent Crude
Observation Jul 27, 2026
$91.82
Down: -$8.49 (-8.5%) vs. previous observation
Brent–WTI spread
+$7.57
Today is (ET) · latest observation , 5 days ago
Source: U.S. Energy Information Administration · Daily spot-price observations · Last data check Aug 1, 2026, 11:28 AM UTC
Benchmark snapshot
WTI
$84.25Down: -$7.49 (-8.2%)
Observation Jul 27, 2026
Brent
$91.82Down: -$8.49 (-8.5%)
Observation Jul 27, 2026
Brent–WTI spread
+$7.57
Observation Jul 27, 2026
Release cadence
Daily trading-day observations. Latest Jul 27, 2026.
Scheduled EIA releases
Oil price history
Daily spot-price observations for the two most widely followed crude benchmarks, released on EIA’s schedule.
Source: U.S. Energy Information Administration · Daily WTI and Brent spot-price observations from the U.S. Energy Information Administration · Last checked Aug 1, 2026, 11:28 AM UTC
Barrel Value Lab
1 petroleum barrel = 42 U.S. gallons (about 159 liters). Start from a published benchmark or enter a custom price.
Results
Enter the number of barrels and choose a price source to calculate total value.
Estimates use published prices, not live market quotations. For information only.
Market drivers
What moves oil prices
Six fundamentals explain most of the movement in crude benchmarks. No predictions, no noise.
Global demand
Economic activity, industrial output, and transportation fuel consumption determine how much crude the world actually needs.
Inventories
Weekly storage levels act as the market's buffer. Rising inventories tend to ease prices; drawdowns tend to support them.
Refining capacity
Crude only matters once it is refined. Maintenance seasons and outages change how much crude refiners can absorb.
Transportation
Pipeline capacity, shipping rates, and chokepoints influence how easily crude moves from wells to refiners.
Geopolitical disruptions
Conflicts, sanctions, and policy shifts in producing regions can remove supply from the market with little warning.
Why benchmarks exist
One barrel, many prices
Crude is not a single product. Grades differ by density and sulfur content, and they are priced at different delivery points around the world. Benchmarks like WTI and Brent give the market a common reference so a cargo can be priced against something both sides recognize.
Reference
Benchmark reference
WTI
West Texas Intermediate, the primary U.S. crude benchmark. Light, sweet crude priced at Cushing, Oklahoma.
Brent
The North Sea benchmark that anchors pricing for much of the crude traded internationally.
Spot price
The price for crude bought and sold for immediate delivery, as opposed to future delivery.
Futures
Exchange-traded contracts to buy or sell crude at a set price on a future date. Futures often lead headlines; this site shows published spot prices.
Benchmark spread
The difference between two benchmarks, most commonly Brent minus WTI. It reflects transport costs, quality differences, and regional supply balances.
Inventory
Crude held in storage. U.S. inventory levels are reported weekly and are a closely watched supply signal.
Refinery margin
The difference between what a refiner pays for crude and what its refined products sell for. Margins drive how much crude refiners want to run.
Barrel conversion
One petroleum barrel equals 42 U.S. gallons, or roughly 159 liters. All barrel math on this site uses that standard.
The Barrel Brief
The Barrel Brief is in development. Periodic benchmark updates and market context will be available soon.
