Crude Oil
In other words, crude oil is the fossil fuel which exists in the fuel form in reservoirs or underground pools. It can be found in tiny spaces within sedimentary rocks or near the surface of tar sands. Petroleum products are oils made from hydrocarbons and crude fuel contained in natural gas. Apart from crude oil, petroleum products can also be made out of natural gas, coal and biomass.
Mainly crude oil means a mixture of hydrocarbons which exist in the liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities.
Products Manufactured from Crude Oil
Once the crude oil is removed from the ground, it will be sent to the refinery. In a refinery, different parts of the crude oil will be separated into petroleum products. The list of petroleum products includes – diesel fuel, gasoline, heating oil, petrochemical feedstocks, jet fuel, waxes, asphalt, and lubricating oils.
Types of Crude Oil
The oil industry characterizes crude oil based on its geographical source. There are four types of crude oil. They are
Class A: Light, Volatile Oils
Class B: Non–Sticky Oils
Class C: Heavy, Sticky Oils
Class D: Nonfluid Oils
What is WTI?
The West Texas Intermediate or WTI crude oil is a specific grade of fuel and one of the main three benchmarks used for oil pricing apart from Brent and Dubai Crude. The West Texas Intermediate is known as a light sweet oil as it contains around 0.34% sulfur making it sweet and light. It also has a low density or specific gravity hence WTI is light.
Apart from this, WTI is the underlying commodity of the New York Mercantile Exchange’s (NYMEX) oil futures contract. This crude oil is regarded as a high-quality oil which can be easily refined.
It is refined mainly from inland Texas and is one of the highest quality oil available in the globe, which is easy to refine as well. It is often compared with the crude benchmark – Brent. Brent is two-thirds of the globe’s oil contracts based on oil extracted from the North Sea.
The West Texas Intermediate is the underlying commodity for the New York Mercantile Exchange’s oil futures contract.
WTI as Benchmark in Oil Markets
The West Texas Intermediate (WTI) is used as one of the benchmarks in the oil markets apart from Brent and Dubai crude. The importance of a benchmark in the oil industry serves as a reference price for buyers and sellers of crude oil. These benchmarks are often quoted in the news as the price of the oil. Usually, there will be a difference between the prices of Brent and WTI and this will be referred to as the Brent-WTI spread.
What is WTI Crude Futures?
The West Texas Intermediate (WTI), is the US produced light sweet crude oil blend. It provides direct crude oil exposure and is the most efficient way to trade oil in the global markets.
WTI or the West Texas Intermediate is the main oil benchmark for North America as it is sourced from the Permian Basin located in the U.S. This oil mainly comes from the Texas region. Later it travels through pipelines and gets refined in the Midwest of the Gulf of Mexico. The main delivery place for physical exchange and price settlement for WTI in Cushing, Oklahoma.
Both the WTI and Brent contain sulfur content, the lower the sulfur content in oil, the easier it is to refine, making it more attractive. WTI has 0.34% sulfur content; Brent has 0.37% of sulfur content. WTI is best for gasoline and Brent is ideal for diesel.
Ideally, WTI crude should trade at a premium price when compared with Brent crude, due to its high quality, but that is not the case always. Two crude oil varieties can trade at a similar price in the oil markets, each one has its particular unique demand and supply market and hence its price reflects its sole market fundamentals.
Since the shale boom in the United States of America, the production of the WTI shot up, hence the price has declined. WTI usually trades at a depreciated value to Brent. Apart from this, transporting WTI overseas to Brent’s crude markets could come at a cost which will make WTI unable to wrestle with Brent in terms of pricing.
Latest Updates on Crude Oil
Crude Oil Price On 23-June-2026 Holds at $77.22; Market Reacts to Shipping Tensions
The crude oil price today is $77.22 per barrel, equivalent to approximately ₹7,342.90 at the current exchange rate of 95 INR for one USD. This marks a slight increase from yesterday's price of $77.11 per barrel. Over the last ten days, prices reached a high of $93.00 per barrel on June 10, 2026, and a low of $77.11 on June 22, 2026.
Recent fluctuations in crude oil prices are attributed to geopolitical tensions surrounding the Strait of Hormuz, a crucial corridor for global oil shipments. Investors remain cautious after a significant drop in prices due to the U.S. granting Iran a brief sanctions waiver. This has raised concerns about the viability of international shipping within this vital region.
Market sentiment has also been influenced by reduced hostilities in Lebanon, which creates a slightly improved outlook for stability in the oil market. Analysts suggest that any potential disruptions to this corridor could complicate the swift return to price stability despite diplomatic efforts.
Furthermore, global oil inventories are depleted, and fully reopening the Strait of Hormuz could take a considerable amount of time. Careful coordination of vessel operations and repairs to oil infrastructure will be critical in addressing the supply shock that has impacted international markets.
Outlook remains cautious, as disruptions in shipping routes could result in a tighter global supply.
The need for enhanced U.S. crude exports and the effects of declining demand from China could alter the market dynamics in the coming months. Investors are advised to closely monitor these developments.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 23 June 2026
Crude Oil Price On 22-June-2026 Holds at $78.97; Shipping Disruptions Influence Market
As of June 22, 2026, the crude oil price today is $78.97 per barrel, which is approximately ₹7,418.18 after applying the dollar to INR exchange rate of 94. This shows a decrease from yesterday’s price of $80.05 per barrel. Over the past 10 days, prices reached a high of $93.00 on June 10, while the lowest was $78.84 on June 16.
The recent movements in crude oil prices are primarily influenced by geopolitical events, particularly shipping disruptions in the Strait of Hormuz. Iran's actions, including closing the waterway, have reduced the number of vessels passing through, creating supply chain uncertainties. As a result, market participants are closely monitoring these developments.
In addition to geopolitical tensions, broader economic indicators significantly impact crude oil prices. Analysts point to the potential effects of U.S. sanctions on Iranian oil and the ongoing discussions around an interim agreement between U.S. and Iranian officials, which could alter supply dynamics. These discussions have encountered challenges, which may delay any resolution.
The outlook for the remainder of 2026 suggests volatility for crude oil prices. Factors such as expected U.S. interest rate changes, inflation rates, and global economic stability are all contributing to market speculations. Oil futures traders remain cautious as they navigate these changing scenarios.
Furthermore, indicators such as global oil inventories are crucial as they remain low due to previous disruptions.
This depletion could cause increased pressure on prices if new supplies do not rapidly enter the market. The complexity of restarting operations in Hormuz could further exacerbate the situation.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 22 June 2026
Crude Oil Price On 19-June-2026 Holds at $79.18; Supply Disruptions Persist
As of June 19, 2026, the crude oil price today is $79.18 per barrel, equivalent to ₹7,429.92 based on the current dollar to INR rate of 94. This marks a decrease from yesterday’s price of $79.82 per barrel. Over the last ten days, the highest price recorded was $94.32 on 08/06/2026, while the lowest was $79.18 on 19/06/2026.
The recent decline in crude oil prices is largely attributed to resumed shipping operations through the Strait of Hormuz, following a significant de-escalation in tensions between the US and Iran. Market participants are closely monitoring these developments as inventories had been significantly depleted during the disruptions.
Despite the positive news, analysts caution that while the ceasefire is in place, restoring full operational capacity in the Strait will be complex. It could take months for oil flows to stabilize. Key aspects such as the careful coordination of vessel movements and the restoration of oil infrastructure are crucial in this process.
The GDP outlook remains a critical factor as economies worldwide depend on stable oil prices. The ongoing adjustments within OPEC+ countries and their production strategies will significantly influence oil futures and overall market conditions in the coming months.
Moreover, inflation expectations and potential interest rate changes play a role in crude oil pricing dynamics.
As global economies recover, fluctuations in oil demand could also impact future pricing trends.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 19 June 2026
Crude Oil Price On 18-June-2026 Holds at $78.18; OPEC+ Policy Influencing Trends
Today’s crude oil price stands at $78.18 per barrel, approximately ₹7,428.10 when converted at a dollar rate of 95. This represents a decline compared to yesterday’s price of $79.63. In reviewing the past ten days, the highest price reached was $94.32 on 8/06/2026, while the lowest was $78.18 on 18/06/2026.
The ongoing dynamics in the crude oil market are influenced significantly by the decisions taken by OPEC+. The current forecast for global GDP remains stable, impacting crude oil demand outlook positively. However, inflationary pressures could reshape pricing sensitivity in the market.
With consumer price pressures remaining high, the Indian manufacturers express caution regarding potential reductions in costs, indicating that earlier higher raw material prices still impact their supply chains. They expect any benefits from lower crude prices to reach the market only in the coming months.
Manufacturers are holding significant inventories acquired at higher costs, which complicates any immediate price adjustments. Analysts suggest they might wait up to three months to gauge the impact of stabilized raw material prices.
As commodity prices are affected by a multitude of factors, including exchange rates and geopolitical tensions, fluctuations in crude oil prices are expected to mirror market sentiments closely. The anticipated potential softening in input costs may not be realized until late into the July-September quarter.
Oil is traded globally in U.S.
dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 18 June 2026
Crude Oil Price On 17-June-2026 Holds at $78.71; U.S.-Iran Deal Influences Market
Crude oil price today is $78.71 per barrel, translating to approximately ₹7,396.66 after considering the current dollar to INR rate of 94. This marks a decrease from yesterday's price of $78.84, indicating a slight downward trend. Over the last ten days, the highest price recorded was $90.22 on 11/06/2026, while the lowest was $78.71 today.
The recent fluctuations in crude oil prices are heavily influenced by the potential U.S.-Iran agreement. Markets are absorbing the implications of a deal which could facilitate the resumption of oil exports from Iran, hence impacting global supply dynamics significantly. Prices have notably dropped 15% over the previous four sessions.
Expectations surrounding the re-opening of the Strait of Hormuz have contributed to easing concerns regarding supply shortages. This vital waterway is crucial for global oil, handling about one-fifth of international oil supplies under normal conditions.
While negotiations show promise, geopolitical tensions remain as Israel's position on the agreement raises stability concerns. Recent actions, including drone strikes, serve as a reminder of the complexities in the region, potentially threatening future oil shipment normalization.
Although analysts foresee challenges in restoring oil inventories depleted during disruptions, the pace at which Middle Eastern producers can reestablish exports will be closely monitored. This restoration could take several months, causing continued volatility in the global oil price.
Oil is traded globally in U.S.
dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 17 June 2026
Crude Oil Price On 16-June-2026 Holds at $82.95; OPEC+ Supply Concerns
As of June 16, 2026, the global crude oil price today stands at $82.95 per barrel, which is approximately ₹7,861.25 when converted using the current dollar rate of 95. This represents a slight drop from yesterday's price of $83.21. Over the last ten days, prices peaked at $94.61 on June 4, 2026, while the lowest point was $82.95 today.
The intricacies surrounding crude oil prices have been significantly influenced by ongoing geopolitical tensions, particularly regarding the U.S.-Iran discussions. Investors are cautious, awaiting clarity on these negotiations and their potential impact on oil supply through vital routes like the Strait of Hormuz, which is crucial for global oil shipments.
Current predictions about the global economy, including GDP growth and inflation, play a pivotal role in shaping prices. The Reserve Bank of India (RBI) has expressed concerns over rising inflation, which may lead to adjustments in monetary policy. Additionally, oil-producing countries under OPEC+ have a hand in managing supply levels, contributing to current price fluctuations.
In the context of fuel prices in India, there’s been recent stability, as oil marketing companies have kept petrol and diesel prices unchanged despite the fluctuating global crude oil prices. This stability comes after several increases resulting in retail fuel prices reaching their highest levels in years.
Market analysts are closely monitoring potential movements in interest rates and government spending, which could affect crude oil prices in the near future.
Additionally, the relationship between the U.S. dollar's strength or weakness and oil pricing is an ongoing factor.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 16 June 2026
Crude Oil Price On 12-June-2026 Holds at $88.81; Global Stability Hangs in Balance
The crude oil price today is $88.81 per barrel, equivalent to ₹8,424.95 based on the current exchange rate of 95. This demonstrates a decrease from yesterday's price of $90.22. In the past 10 days, the highest price recorded was $97.85 per barrel on 03/06/2026, and the lowest was $88.79 on 12/06/2026.
Crude oil prices are experiencing heightened volatility due to ongoing geopolitical tensions, particularly in the Strait of Hormuz, a critical chokepoint for oil shipments. As Iran enforces a blockade, fears of supply disruptions have intensified, pushing prices to this significant level. The potential for a peace deal could stabilize the market, but uncertainty remains.
Analysts suggest that any resolution may take time before it translates into normalized oil shipments. Saudi Aramco's CEO has cautioned that market stability could be elusive until 2027, with considerable supply impacts predicted. Therefore, even a temporary easing of tensions won't immediately restore full market equilibrium.
The outlook for global oil prices is further complicated by fluctuating demand. Reports indicate that U.S. crude exports are rising, while demand from China is showing signs of softness. This dynamic is crucial as it helps cushion the potential impact of supply shocks. However, persistent disruptions could lead to a tighter market situation.
The RBI's economic forecasts predict increased inflation expectations, which could lead to adjustments in interest rates.
Such economic factors play a crucial role in shaping the global oil price landscape as the interplay of demand and supply continues to be tested.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 12 June 2026
Crude Oil Price On 11-June-2026 Stands at $94.70; Supply Concerns Rise
As of today, the crude oil price is $94.70 per barrel, which equates to approximately ₹9,087.20 in Indian currency, showing a significant increase compared to yesterday's price of $93.00 per barrel. This trend reflects increased market tension from ongoing conflicts influencing supply.
Over the past ten days, the highest pricing was recorded at $97.85 on 03/06/2026, while the lowest was $91.39 on 09/06/2026. These fluctuations highlight the volatility driven by geopolitical events and supply dynamics.
The recent rise in crude oil prices can be largely attributed to escalating hostilities between the United States and Iran, particularly following Iran's closure of the Strait of Hormuz. This critical waterway plays a vital role in global oil transportation, raising concerns among traders about potential future supply disruptions.
In addition to military tensions, market participants are observing recent reductions in US crude inventories, which fell by 7.2 million barrels last week alone. This unexpected decline, coupled with diminished production from OPEC nations, has fueled expectations for continued price increases.
Analysts predict that if the situation stabilizes through diplomatic channels, we may see a reduction in oil prices. However, ongoing conflicts and continued restrictions in the Strait of Hormuz are likely to keep pressure on oil supply, maintaining high crude oil prices for the foreseeable future.
Oil is traded globally in U.S.
dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 11 June 2026
Crude Oil Price On 09-June-2026 Holds at $93.32; West Asia Conflict Impacts Markets
As of June 9, 2026, the global crude oil price today is $93.32 per barrel, which translates to approximately ₹8,964.72. This change shows a slight decrease from yesterday's price of $94.32 per barrel. Over the last ten days, prices have varied, with the highest recorded at $97.85 per barrel on 03/06/2026 and the lowest at $91.07 on 29/05/2026.
Current trends indicate that fuel prices in India have been significantly affected by rising global crude prices, attributed to ongoing conflicts in West Asia. These pressures have also increased local petrol and diesel prices by nearly ₹7.5-₹8 per litre since mid-May, marking the highest levels since May 2022.
Both Brent and West Texas Intermediate crude oil benchmarks show stabilization near $94 and $91 per barrel, respectively, as ceasefire talks between Israel and Iran provide some relief. The implications of these developments are crucial since India heavily relies on imports for its crude oil needs, particularly from the Gulf region, which has been impacted by supply disruptions.
Union Oil Minister Hardeep Singh Puri suggests that once supply conditions improve, fuel prices may see moderation. He expects that enhancing the global supply from countries like Canada and the USA could alleviate the current high costs. This outlook aligns with the forecast that prices cannot sustain their peak for an extended period.
In India, petrol and diesel prices are molded largely by global crude oil prices—the primary raw material for fuel production.
Additionally, the exchange rate of the rupee against the dollar plays a vital role, alongside state taxes and duties that further influence retail pricing variations.
Oil is traded globally in U.S. dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 9 June 2026
Crude Oil Price On 08-June-2026 Holds at $96.39; OPEC+ Output Increase Affects Trends
The global crude oil price today stands at $96.39 per barrel, equivalent to approximately ₹9,146.05, marking an increase from yesterday's price. Over the past ten days, the highest price recorded was $97.85 per barrel on 03/06/2026, whereas the lowest was $91.07 per barrel on 29/05/2026.
Recent geopolitical tensions, especially renewed strikes between Israel and Lebanon, have raised concerns about potential disruptions in oil supply, particularly through the Strait of Hormuz. These developments underline the precarious nature of the crude oil market, influencing both prices and perceptions of stability.
The backdrop of supply challenges is compounded by OPEC+'s recent decision to increase oil output, which may not alleviate market worries regarding ongoing production shortfalls. Analysts suggest that many OPEC+ nations still struggle to meet targets due to regional instability and logistical disruptions.
Additionally, the global economic outlook remains influenced by the delicate trade relations, particularly between the U.S. and China. Analysts caution that while U.S. crude exports remain strong, reducing dependence on direct imports from volatile regions, a sustained blockade of key shipping routes could tighten supply significantly.
With inflation rates continuing to oscillate, interest rate adjustments by major economies could further dictate oil price movements. Experts note that should tensions persist, the crux of the matter lies in stabilizing flow through the Strait of Hormuz, as any extended disruption could impact global oil inventories severely.
Oil is traded globally in U.S.
dollars. When the dollar strengthens, oil becomes cheaper for importers but yields lower revenue for exporters. A weak dollar has the opposite effect. This exchange rate dynamic significantly affects global oil pricing, influenced by trade policy, market volatility, and geopolitical events.
⏱ 8 June 2026
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