Crude Oil Price
Crude Oil: 84.4 USD/bbl (World, Aug 2026). Source: World Bank.
Price Chart
How this year compares, month by month, to the typical pattern of recent years for the selected region.
Notable price events
- COVID-19 oil price collapse — On April 20, 2020, US crude oil futures closed at -$37.63 a barrel - the first negative price in the contract's history. COVID-19 lockdowns had crushed fuel demand so fast that storage tanks at the delivery hub in Cushing, Oklahoma neared capacity, and traders holding contracts requiring physical delivery paid buyers to take the oil off their hands rather than find somewhere to put it.
"World" is the global benchmark price (World Bank Pink Sheet, monthly since 1960, where available). Currency, unit and inflation conversions are explained in how agri.markets sources and calculates prices.
Price data table
Recent prices
| Period | Price (USD/bbl) | Change |
|---|---|---|
| Aug 2026 | 84.4 | +5.8% |
| Jul 2026 | 79.8 | -2.3% |
| Jun 2026 | 81.7 | -18.6% |
| May 2026 | 100.4 | -3.4% |
| Apr 2026 | 103.9 | +8.7% |
| Mar 2026 | 95.6 | +40.6% |
| Feb 2026 | 68 | +6.8% |
| Jan 2026 | 63.7 | +4.6% |
| Dec 2025 | 60.9 | -2.2% |
| Nov 2025 | 62.3 | -1.1% |
| Oct 2025 | 63 | -5.3% |
| Sep 2025 | 66.5 | -0.3% |
Annual averages
| Year | Average (USD/bbl) | Change |
|---|---|---|
| 2026 (year to date) | 84.69 | +25.6% |
| 2025 | 67.42 | -14.4% |
| 2024 | 78.73 | -2.5% |
| 2023 | 80.77 | -16.8% |
| 2022 | 97.1 | +40.6% |
| 2021 | 69.08 | +67.5% |
| 2020 | 41.25 | -32.8% |
| 2019 | 61.42 | -10.2% |
| 2018 | 68.36 | +29.4% |
| 2017 | 52.82 | +23.4% |
About Crude Oil
The world benchmark for fuel costs — diesel and gasoline for farm machinery are refined from it, and it indirectly drives fertilizer prices too, since natural gas (used to make nitrogen fertilizer) tends to move with broader energy markets. Tracked here as the average of Brent, Dubai and WTI, the three main global crude benchmarks. Prices are driven by OPEC+ production decisions, geopolitical supply disruptions, and global demand.
Latest World price (2026-08): +4% vs. the 5-year average, +22% vs. the 10-year average, +27% vs. a year ago.