Crude Oil Price Per Barrel

Crude oil is priced and traded in barrels. One barrel equals 42 US gallons, or approximately 158.987 liters. This unit dates back to the early days of the American oil industry when actual wooden barrels were used to store and transport oil.

Today, oil is transported via pipelines, tankers, and rail cars, but the barrel remains the standard pricing unit. Futures contracts on NYMEX (for WTI) and ICE (for Brent) are denominated in US dollars per barrel, with each contract representing 1,000 barrels.

For consumers, the per-barrel price is most useful when converted to per-liter or per-gallon costs. Keep in mind that retail gasoline prices include refining costs, distribution, marketing margins, and taxes on top of the crude oil cost.