How much did oil cost in the 1870s?

After some fluctuation in the oil industry's early years, where prices were incredibly high for that time period due to low supply, the cost of oil in the U.S. remained below five U.S. dollars per barrel in the century between the 1870s and 1970s.

What is West Texas Intermediate (WTI) crude oil price per barrel?

Live interactive chart of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel. The current price of WTI crude oil as of May 13, 2024 is 79.14 per barrel. Live interactive chart of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel.

Why are historical oil prices so volatile?

In this Markets in a Minute from New York Life Investments, we look at historical oil prices since 1968. Before diving into the data, it’s worth explaining why historical oil prices have seen so much volatility. This mainly stems from the fact that the supply and demand of oil tends to have a low responsiveness to price changes in the short term.