Price of oil
From The Art and Popular Culture Encyclopedia
"On 20 April 2020, due to excessive demand for storage of the large surplus in production, the price for future delivery of US crude in May had become negative, the first time to happen since the New York Mercantile Exchange began trading in 1983."--Sholem Stein |
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The price of oil, or the oil price, (generally) refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent ICE, Dubai Crude, OPEC Reference Basket, Tapis Crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS).
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See also
- 2007–2008 world food price crisis
- Asymmetric price transmission
- Chronology of world oil market events (1970–2005)
- Cost competitiveness of fuel sources
- Efficient energy use
- Elasticity (economics)
- Energy crisis
- Food vs fuel
- Gasoline usage and pricing
- Simmons–Tierney bet
- Stagflation
- Supply and demand
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