Wti Crude Oil Prices - 10 Year Daily Chart
Introduction
WTI crude oil is a type of crude oil that is produced in the United States. Its price is used as a benchmark for oil prices around the world. In this article, we will be examining the 10-year daily chart for WTI crude oil prices and analyzing the trends and patterns that have emerged over the years.
What is WTI crude oil?
West Texas Intermediate (WTI) crude oil is a type of crude oil that is produced in the United States. It is a light, sweet crude oil that is easier to refine than heavier crude oils, making it a popular choice among refineries. Its price is used as a benchmark for oil prices around the world, and it is traded on the New York Mercantile Exchange (NYMEX).
10-year daily chart
Looking at the 10-year daily chart for WTI crude oil prices, there are a few key trends and patterns that have emerged:
- From 2010 to mid-2014, WTI crude oil prices were relatively stable, hovering between $80 and $110 per barrel.
- In mid-2014, WTI crude oil prices began to decline, and by early 2016, they had dropped to below $30 per barrel.
- From mid-2016 to mid-2018, WTI crude oil prices were relatively stable, hovering between $40 and $70 per barrel.
- In late 2018, WTI crude oil prices began to decline again, and by early 2020, they had dropped to below $20 per barrel due to a combination of oversupply and reduced demand caused by the COVID-19 pandemic.
- Since mid-2020, WTI crude oil prices have been slowly recovering and are currently hovering at around $60 per barrel.
Factors affecting WTI crude oil prices
There are a number of factors that can affect WTI crude oil prices, including:
- Supply and demand: When there is an oversupply of crude oil, prices tend to decline, while when there is a shortage of crude oil, prices tend to rise.
- Geopolitical events: Political instability or conflict in major oil-producing regions can disrupt the supply of crude oil and cause prices to rise.
- Economic growth: When the global economy is growing, demand for crude oil tends to increase, which can cause prices to rise.
- Weather: Severe weather events, such as hurricanes or extreme cold, can disrupt the supply of crude oil and cause prices to rise.
Conclusion
The 10-year daily chart for WTI crude oil prices shows that the price of WTI crude oil has been volatile over the years, with significant fluctuations in response to various economic, political, and environmental factors. While the current price of WTI crude oil is relatively stable, it is important to keep an eye on the various factors that can affect its price in the future.