Price of Crude Oil

The price of crude oil is an essential benchmark in any discussion of energy prices, because of its impact on the cost of petroleum derivative fuels and other energy products.

Crude oil began to rise in price in 2003 and the trend continued into 2006. The average price of Brent crude in 2006 was $65.10, 20% higher than the year before. Despite a downward trend in the second half of the year, prices again rose at the beginning of 2007.

Current international prices of crude oil: