What is the abbreviation for a barrel of crude oil?

The abbreviation indicates one barrel of crude oil, but you may see Gbbl (one billion barrels), as well as Mbbl (one million barrels) or Kbbl for one thousand barrels. For example, you can see that Brent crude oil spot prices are quoted by the barrel (bbl), as are West Texas Intermediate (WTI) oil prices on global futures exchanges like NYMEX.

What is a barrel of oil?

An oil barrel (bbl) is a measure of volume of crude oil and other petroleum products. Foods, Nutrients and Calories. Gravels, Substances and Oils. CaribSea, Freshwater, Super Naturals, Amazon weighs 1 521.75 kg/m³ (94.99975 lb/ft³) with specific gravity of 1.52175 relative to pure water.

Why did oil fall by around $1 a barrel on Thursday?

REUTERS/Stringer NEW YORK, Dec 22 (Reuters) - Oil fell by around $1 a barrel on Thursday in volatile trade as the impact of tighter U.S. crude stocks due to a winter storm in the United States was outweighed by fears that Federal Reserve interest rate hikes and China's rising COVID-19 cases would dent demand.