Dubai crude oil historical price
Historically, it has traded closely to Brent and the OPEC basket but currently it has been discounted against Brent crude oil. The anomaly occurred perhaps because of a temporary shortage of refining capacity. In early a large stockpile of oil at the giant Cushing, Oklahoma storage and pricing facility mainly due to a refinery shutdown  caused price to be artificially depressed at the Cushing pricing point. As stockpiles decreased, the WTI price increased to exceed the price of Brent once again.
The reason most cited for this difference was that Cushing had reached capacity, due to a surplus of oil in the interior of North America. At the same time, Brent moved up in reaction to civil unrest in Egypt and across the Middle East.
Since WTI-priced stockpiles at Cushing could not easily be transported to the Gulf Coast, WTI crude was unable to be arbitraged in bringing the two prices back to parity. The price difference persisted, however, and was large enough that some oil producers in North Dakota put their oil on tanker cars, and shipped it by rail to the Gulf and East coasts, where it received Brent prices. Historical Dictionary of the Petroleum Industry. Retrieved 16 April Crude oil is a naturally occurring, yellow-to-black liquid found in geologic formations beneath the Earth's surface.
It is a fossil fuel which is commonly refined into various types of fuels. Crude oil is distinguishing from petroleum that includes both naturally occurring unprocessed crude oil and petroleum products.
Crude oil is a mixture of a very large number of different hydrocarbons including alkanes paraffins , cycloalkanes naphthenes , aromatic hydrocarbons, or more complicated chemicals like asphaltenes and sulfur. Each crude oil variety has a unique mix of hydrocarbons, which define its physical and chemical properties, like color and viscosity. Oil used in our daily life The oil is one of the most important sources used in our daily lives. We often think that petroleum is mostly used to power internal combustion engines in the form of gasoline or petrol.
In fact, petroleum is not only used for transportation and producing electricity, but also used for producing clothes, plastics, beauty products and so on.
Apart from the common petroleum products such as LPG, Gasoil, Gasoline, Naphtha, Bitumen, Fuel Oil, Plastics, etc, there are lots of incredible petroleum products such as bicycle tires, fishing lures, perfumes, food preservatives, dentures, lipstick, vitamin capsules, petroleum jelly and so on. The oil price or the price of oil, generally refers to the spot price of a barrel of benchmark crude oil. The different type of oil are with different density and sulfur content, that leads to the oil price difference.
Crude oil price are commonly measured in USD per barrel.