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Oil platform in the North Sea. Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercontinental Exchange) Brent Crude Oil futures contract or the contract itself.
The price of oil rose to $77 per barrel on 24 June 2010 as a cyclone begins to form in the south western Caribbean. [55] The price for July 2010 was about $84–$90 per barrel of crude oil. Oil prices ended the year at $101.80, falling to $100.01 per barrel on 30 and 31 January 2011.
In June 2005, crude oil prices broke the psychological barrier of $60 per barrel. From 2005 onwards, the price elasticity of the crude oil market changed significantly. Before 2005 a small increase in oil price lead to an noticeable expansion of the production volume. Later price rises let the production grow only by small numbers.
The price of crude oil in 2003 traded in a range between $20–$30/bbl. [17] Between 2003 and July 2008, prices steadily rose, reaching $100/bbl in late 2007, coming close to the previous inflation-adjusted peak set in 1980.
Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices. March: Damascus closes Iraq's 400,000 bbl/d (64,000 m 3 /d) trans-Syrian oil export pipeline to show support for Iran. March 11: U.S. boycotts Libyan crude. May 24:Iran recaptures Khorramshahr.
Carley Garner (born 1977) is an American commodity market strategist and futures and options broker [1] and the author of Trading Commodity Options with Creativity, Higher Probability Commodity Trading, and A Trader's First Book on Commodities, published by DT publishing an imprint of Wyatt-MacKenzie. [2]
Western Canadian Select (WCS) is a heavy sour blend of crude oil [1] that is one of North America's largest heavy crude oil streams [2] and, historically, its cheapest. [3] It was established in December 2004 as a new heavy oil stream by EnCana (now Cenovus), Canadian Natural Resources, Petro-Canada (now Suncor) and Talisman Energy (now Repsol Oil & Gas Canada). [4]
Trading unit 1,000 barrels (160 m 3).: Price quotation U.S. dollars and cents per barrel. Trading symbol OQD Trading hours Electronic trading is open from 18:00 U.S. Eastern Standard Time (EST) and closes at 17:15 EST the next day, Sunday to Friday.