Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma
Annual
ACOILWTICO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
76.63
Year-over-Year Change
-18.52%
Date Range
1/1/1986 - 1/1/2024
Summary
The Annual Average Crude Oil Price (West Texas Intermediate) measures the annual average price of crude oil, a key global commodity. This indicator is widely tracked by economists, policymakers, and market analysts to assess energy market conditions and the broader economic environment.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Annual Average Crude Oil Price (West Texas Intermediate) represents the average price of crude oil over a 12-month period, based on the West Texas Intermediate (WTI) benchmark. WTI is a high-quality grade of crude oil commonly used as a pricing reference for oil contracts.
Methodology
The data is collected and calculated by the U.S. Energy Information Administration.
Historical Context
Crude oil prices are a major factor influencing inflation, consumer spending, and overall economic activity.
Key Facts
- WTI is a light, sweet crude oil commonly used as a benchmark.
- Annual average prices help smooth out monthly and quarterly volatility.
- Crude oil is a key input cost for many industries and consumer goods.
FAQs
Q: What does this economic trend measure?
A: The Annual Average Crude Oil Price (West Texas Intermediate) measures the average price of crude oil over a 12-month period based on the WTI benchmark.
Q: Why is this trend relevant for users or analysts?
A: Crude oil prices are a crucial indicator for assessing energy market conditions, inflationary pressures, and the broader economic environment.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Energy Information Administration.
Q: How is this trend used in economic policy?
A: Crude oil prices are closely monitored by policymakers, economists, and market analysts to inform decisions on energy, fiscal, and monetary policy.
Q: Are there update delays or limitations?
A: The annual average data is published with a lag, but it provides a comprehensive view of year-over-year price movements.
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Citation
U.S. Federal Reserve, Annual Average Crude Oil Price (West Texas Intermediate) (ACOILWTICO), retrieved from FRED.