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Crude Oil Price Trend

About: Crude Oil is an unrefined petroleum product. Petroleum is basically a naturally occurring, yellowish-black liquid that is most commonly found in geological formations beneath the Earth's surface. Crude Oil is extracted for burning as fuel and for processing into chemical products. It is a combination of comparatively volatile liquid hydrocarbons. Being a type of fossil fuel, crude oil is refined to manufacture usable products like gasoline, diesel, and several other forms of petrochemicals. 

Crude Oil Regional Price Trend & Analysis

Get the latest insights on price movement and trend analysis of Crude Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Crude Oil Price Trends for the Second Quarter of 2022


Due to the supply chain constraints owing to the Russo-Ukrainian conflict, crude oil prices soared globally. During the said forecast period, the price in the Indian domestic market went from 9116 INR/barrel to 8555 INR/barrel. The price trends of crude oil remained firm in the market despite tightening international supply.

However, towards the end, a slight decrease was recorded due to the volatility in the crude oil futures amidst the fear of worldwide recession and the demand destruction due to the record high prices.


Europe has struggled with an acute energy crisis since the Russian invasion of Ukraine, as many of its member states depend on Russia for their energy needs. The Brent crude oil prices went from 105.8 USD/bbl in April 2022 to 120.1 USD/bbl in June 2022.

Its counterpart, the WTI crude oil prices, went from 101.8 USD/bbl in April 2022 to 114.6 USD/bbl towards the end of this quarter.

North America

During the said quarter, international futures continued to rise further. The US WTI averaged 118.87 USD/bbl at the same time, the Brent crude oil averaged 119.72 USD/bbl in the domestic market.

Soaring prices in the domestic arena were due to the tightened global supply and increased demand from Europe and China (after the lifting of covid restrictions). Though OPEC adjusted its pricing policy, the effect produced was minimal; hence, no simultaneous impact was seen on the increased prices.

For the First Quarter of 2022


In the afternoon of Asian trading hours, oil prices continued to rise, with international benchmark Brent crude futures up 6.17% to 111.45 USD/barrel. Crude oil prices in the United States rose 6.1% to 109.72 USD/barrel. Brent had previously been increased to a high of 111.78 USD/barrel, a figure not seen since January 2013. Crude oil prices have risen sharply in recent days as Russia continues its attack on Ukraine.


The brent crude oil prices in Europe stood at 117.25 USD/barrel in March as a result of a continuous increase in prices since December. The constant rise in crude oil prices can be attributed to the tensions between Russia and Ukraine, leading to the several sanctions imposed by the European Union and many individual European nations leading to the decline in exports from Russia.

North America

During March, crude oil prices continued their decline, but natural gas futures surged to their highest level since 2008. ExxonMobil XOM and Shell SHEL both provided information on their anticipated first-quarter earnings on the news front. Murphy Oil MUR, Equinor EQNR, and Petrobras PBR all made the news. In general, the sector had a mixed seven-day period. WTI crude futures fell 1.2% to 98.26 USD/barrel, but natural gas prices increased over 10% to 6.278 USD/MMBtu. The oil market, in particular, declined for the fourth time in five weeks.

Latin America

Brazilian state-run energy company Petrobras closely monitored worldwide oil price movements following Russia's invasion of Ukraine before making any decisions on local gasoline pricing. Crude oil prices rose during the quarter, with global benchmark Brent oil going above 105 USD/barrel for the first time since 2014, as Russia's war on Ukraine intensified fears about interruptions to global energy supplies. The business, officially Petroleo Brasileiro SA, claimed it aligns local pricing with international rates but permitted prices to decouple during brief periods when it perceived worldwide volatility to be a consequence of short-term shocks rather than fundamental issues.

For the Fourth Quarter of 2021


Crude oil prices fell in the Asia Pacific region during the fourth quarter of 2021. Though demand outlooks in all Asia Pacific nations remained stable during the quarter, prices increased significantly in October, aided by the early-trade collapse in Chinese coal and other commodities. However, in November, they fell due to increased availability, as the American President asked nations such as China, Japan, and South Korea to release their crude oil stocks in order to enhance total output. Additionally, prices fell further in the final month of the quarter due to the growing prospect of a decline in demand as a result of the global spread of the new corona virus type, Omicron. As a result, the monthly average price of Crude Oil WTI in India fell from 83.47 USD/barrel in October to 71.57 USD/barrel in December.


The European market seemed to be optimistic in the fourth quarter of 2021, owing to high demand and restricted supply. Crude oil prices remained steady during the time as a result of the European region's natural gas problem, and therefore demand pressure transferred to crude. However, a little decline in prices was witnessed in December on fears of a demand collapse due to the growing number of Omicron cases. Thus, Brent Crude Oil (Germany) monthly average prices were rangebound in October and November, hovering around 79.45 to 80.70 USD/barrel.

North America

In Q4 2021, the North American market witnessed an overall negative trend. In October and November, crude oil prices were robust due to supply constraints and strong demand. The influence of Hurricane Ida, which resulted in the closure of refineries, was also felt by the market in this quarter. However, in the last month of the quarter, a sharp decrease in the offers was noted as a result of rising coronavirus infections globally, which seemed to be a threat to Crude's demand forecast. Additionally, supply improvements assisted the pricing trend. Thus, the month-average price of WTI Crude Oil was 71.84 USD/barrel in December, a decrease of around 10 USD/barrel from October.

Middle East

Crude oil prices recovered before soaring since the depths of a collapse in the spring of 2020, with Brent crude prices skyrocketing from 19 USD/barrel in April 2020 to a three-year high of 86 USD/barrel in October 2021, the prospects for sustained high oil prices for Gulf producers seem to be bleak. As oil demand began to recover in late 2021, the difficulty in delivering other types of energy items ranging from natural gas to coal raised energy costs internationally, marching alongside inflationary pressures on everything from food to consumer goods. Indeed, many experts and OPEC+ member oil ministers anticipate a more balanced market by mid-2022, as well as a drop in prices, maybe to the 55 USD range, within the following year.

For First, Second and Third Quarters of 2021


The market remained stubbornly high in the APAC area, as big customers sought additional barrels and demand became robust as numerous downstream sectors resumed operations following a recovery. Refiners' primary focus had been on Chinese and Indian spot demand as activities increased, driving rising gasoline demand. In mid-March, the Indian Oil Corporation (IOCL) filed a tender seeking sweet crude from West Africa and other places. China recorded an increase in Brent Crude imports from Iran. Asia’s consumption increased in June as mass immunization programs relaxed limitations in some parts of the region and market sentiments remained positive. As a result of the ripple effect, the crude oil price trend in India had been positive since April's slow decline. Brent Crude hit 71.23 USD/barrel in June, indicating a 9.53 % increase in the second quarter of 2021.

In the third quarter of 2021, demand in the Asia Pacific region remained moderate to high. The Chinese government's move on 9 September to auction crude oil reserves was expected to lower imports by at least 2% year on year. In accordance with the new strategy, the government held its first auction on 24th September, offloading 7.38 million barrels from state reserves. Crude oil prices in India were evaluated at 75.03 USD/barrel in September, indicating a 6.53 USD/barrel increase in the third quarter of 2021.


European crude oil prices fell as demand declined due to weakening market sentiments and other restrained economic activity across the region. Almost all petroleum stockpiles, including crude and associated products, increased in March, with a significant rise observed compared to January and February. Demand prospects improved as regional offtakes increased as a result of the resumption of many crackers and refineries, as well as improved downstream production rates. Demand was bolstered by a mass immunization programme and burgeoning market activity. Europe Brent Crude spot prices were 73.16 USD/barrel in June. During the third quarter of 2021, the market displayed mixed prospects. Energy constraints in Europe continue to weigh on oil markets, with diesel futures trading in severe backwardation, owing to a transition to gasoil/diesel generation in Q3. Throughout the quarter, demand remained high. European Brent Crude spot prices were estimated at 74.92 USD/barrel in June.

North America

The North American market had a significant supply shortage due to strong freeze weather conditions in Texas and the surrounding US Gulf coast region, resulting in regional output restrictions by the extractors. Demand was mixed owing to the suspension of major US Gulf Coast refineries in mid-February, including those of Dow Chemicals and ExxonMobil, as well as force majeure on several downstream petrochemical units. On 11th March, WTI Crude soared to 66 USD/barrel, reaching a multi-month high in a single day.

Restored industrial activity on the US Gulf Coast brightened the prospects for the North American market. The restart of various refineries and crackers increased the demand. The regional supplies were harmed in the second quarter of 2021 by a cyber-attack on the colonial pipeline. WTI prices continued to grow in Q2 on the back of higher industrial activity and improved volume offtakes, with offers experiencing a multifold increase on a month-over-month basis. In June, WTI crude oil was valued at 70.04 USD/barrel, an increase of 8.46 USD/barrel from May.

In Q3 of 2021, the market faced a mixed bag of possibilities. Hurricane Ida, which made landfall near Port Fourchon on the Gulf coast in the final week of August, knocked out 96% of crude oil and 94% of natural gas production in federally administered areas of the Gulf of Mexico in the United States. From August 27 to September 3, gross inputs into Gulf Coast refineries decreased by 1.6 million barrels per day. By September's conclusion, a large number of refineries restarted operations.
Latin America

Colombia ranks third in Latin America's oil production, after Brazil and Mexico. The Andean country is a significant commercial partner of the United States, accounting for the fifth highest share of US oil imports, after only Saudi Arabia and Russia. Colombia delivered an average of 203,000 b/d, or 2.4% of total US crude oil imports in 2021, according to  US EIA statistics. While the conflict-torn country formerly produced more than a million b/d on average, hitting 1,005,600 b/d in 2015, oil output has been slowly dropping since then. There are indications that, despite a successful 2021 bid cycle that resulted in the award of 30 contracts totaling around $149 million in investment, Colombia's production growth will stay subdued and will eventually return to pre-pandemic levels of roughly 900,000 barrels daily.

Middle East

Saudi Arabia's top oil exporter was expected to raise its August official selling prices (OSP) for Asia for the second month in a row, tracking higher crude benchmarks. The August OSP for Saudi flagship grade Arab Light was expected to rise by 65 cents a barrel, with forecasts ranging from 50 cents to 70 cents. In June, Asia's refining margin for gasoline averaged 5.40 USD/barrel, 12% lower than the previous month's average of 6.16 USD/barrel, while the naphtha crack climbed marginally. Saudi Aramco sets its crude pricing based on client suggestions and after estimating the change in the value of its oil during the previous month, based on yields and product prices.

For the Year 2020


The market in Asian countries expanded somewhat in the last quarter of 2020 as the pandemic's influence subsided. Nationwide lockdowns in major economies wreaked havoc on the crude oil business. In October, the majority of Asian nations, including India and China, recovered significantly from the impacts of Covid19 and reopened their economy. Moving forward to November, the petroleum industry recovered effectively by roughly 10%, and demand returned to normal levels by the end of the fourth quarter. Demand was projected to increase further in the first quarter of 2021, as the aviation sector worked toward full utilization. The aviation sector recovered at a rate of roughly 13% per month (in India) in the last quarter of 2020, following a precipitous decline in the first half of the year. Thus, on the final day of 2020, OPEC's daily basket price for Brent Crude increased to 51.80 USD/barrel, while US West Texas Crude increased to 48.52 USD/barrel.


The Brent Crude oil prices in Europe were around 18.38 USD/barrel which was lowest since 2004. The prices eventually recovered for the next three quarters reaching a value of 44.74 USD/barrel during the month of August and increased further for the rest of the year reaching 81.05 USD/barrel by the end of November.

North America

North America retains a sizable crude oil production capacity due to the presence of several operators. In the last quarter of 2020, production rates were consistent with pre-Covid-19 levels, while demand continued to face headwinds owing to a sluggish recovery in some downstream businesses. Contrary to forecasts, prices in the United States fell further 4% in October. The decline in prices impacted the majority of oil producing enterprises, resulting in the loss of thousands of jobs. Storm Zeta in the Gulf of Mexico momentarily alleviated the price decline caused by the mandatory measures announced on some of the region's production facilities. Although the number of rigs in the United States climbed at the end of the quarter, both the United States and Canada have expressed a desire to cut crude oil output in the coming years in order to minimize their carbon emissions.  US West Texas Intermediate (WTI) crude lost 53 cents, or 1.5%, to 35.64 USD/barrel.

Latin America

Brazil was the only oil-producing country in South America to show an increase in crude oil and condensate output in 2020 compared to 2019. Brazil produced an average of 2.94 million barrels of crude oil and condensate per day in 2020, an increase of more than 150,000 barrel/day (b/d) over 2019. Brazil expanded its output in 2020, despite the worldwide oil demand decline caused by the COVID-19 epidemic. Other South American nations, like Ecuador, had a year-over-year decline in petroleum output in 2020.  In Brazil, export crude oil prices plummeted as low as 0.17 USD/kg in May 2020.

Middle East

The last quarter of 2020 was not kind to several Middle Eastern nations, which suffered severe financial difficulties as a result of the persistent decline in crude oil prices. Additionally, OPEC placed an oil production quota on its member nations in order to curb the output. The restriction exacerbated the situation for nations such as Iraq, whose economies are heavily reliant on crude oil output. Market attitudes improved around the conclusion of the fourth quarter of 2020, when OPEC expressed hope for a relaxation of the January's stringent mandate.  Saudi Arabia set the August price to Asia at plus 1.20 USD/barrel versus the Oman/Dubai average. Aramco increased the price of its Arab Light oil to the United States to a premium of 1.65 USD/barrel above the ASCI (Argus Sour Crude Index), up 0.30 USD from July. It also raised the Arab Light OSP to Northwestern Europe to plus 0.70 USD/barrel over ICE Brent, a 0.40 USD rise from the previous month. Saudi oil OSPs set the pace for Iranian, Kuwaiti, and Iraqi pricing, influencing around 12 million barrels per day of petroleum headed for Asia.

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Procurement Resource provides latest prices of Crude Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

Chart Description: 

Procurement Resource provides prices of Crude Oil for several regions, which are as follows:

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa


  • Black gold

Industrial Uses:

  • Jet fuel and diesel
  • Lubricating oils
  • Gasoline
  • Tar
  • Heating oils
  • Asphalt
  • Electricity generation
  • Paraffin wax

Production Processes:

  • Crude Oil Production via Extensive Extraction and Separation of In-Appropriate Elements.

Crude Oil is extracted using different methods depending on geology and location. After its extraction, impurities are separated, and the product is further refined to produce different petroleum-based products.
Supplier Database:

  • Sinopec
  • Royal Dutch Shell
  • Saudi Arabian Oil Co.
  • China National Petroleum Corporation
  • BP p.l.c.
  • Exxon Mobil Corporation
  • Kuwait Petroleum Corporation
  • Total SA

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.


The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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