Current price of oil as of November 9, 2026
Customers can be billed for half of them until 2029 A ‘geologic freak’ may end America’s lithium dependence on China, and Big Oil is already there Frequently asked questions How is the current price of oil per barrel actually determined?
Key points
- And frustratingly, when oil prices drop, gas prices tend to take their time drifting down to the lower price (sometimes referred to as “rockets and feathers”).
- Still, the crude oil aspect affects the final price most dramatically, as it typically accounts for more than half the price per gallon.
- How oil prices translate to gas pump prices When you pay for gas at the pump, you’re paying for more than just the crude oil itself; you’re also springing for links along the chain, such as the refineries and wholesalers—not to mention taxes and local gas station markups.
The current price of oil per barrel depends largely on supply and demand, including news about potential future supply and demand (geopolitics, decisions made by OPEC+, etc.).
Additional details
- For example, if oil prices increase, some industries may swap natural gas for some segments of their operations where possible—which increases demand for natural gas.
- Historical performance of oil When examining oil’s performance, there are generally two major benchmarks: Brent crude oil is the main global oil benchmark.
- For example: The early 1970s brought the first big oil shock when the Middle East cut exports and imposed an embargo on the U.S.
- Prices dropped in the mid-1980s for reasons such as lower demand and more non-OPEC oil producers entering the industry.
- Eastern Time today, oil sold for $97.65 per barrel (using Brent as the benchmark, which we’ll get into momentarily).
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
Advertisement
Every article behind this summary — 1 article from 1 outlet
Get stories like this in your inbox.
Subscribe — it's freeOne free email at 6am — your topics, deduplicated, five minutes. No account, no paywall.