| Today’s Oil Price Index (18 Oct 2023) | ||||
| name | Price (USD/Barrel) | ups and downs | Change (%) | Date |
| Oil Price Index | 87.25 | +1.81 | +2.12 | 18 Oct 2023 |
The Oil Price Index, also known as the crude oil price index, tracks the prices of various types of crude oil in the global market. It is a measure of the average price that buyers are willing to pay for a barrel of oil, and it is used by traders, investors, and governments to monitor trends in the oil market.
There are several different oil price indices, including Brent Crude, West Texas Intermediate (WTI), Dubai Crude, and OPEC Reference Basket. Each index tracks a different blend of crude oil, and the prices can vary depending on factors such as supply and demand, geopolitical events, and production levels.
Oil price indices are often used as a benchmark for pricing oil futures contracts and other financial instruments related to the oil industry. They can also be used by consumers to track changes in gasoline and heating oil prices.