What This Chart Shows
This chart displays the historical price of West Texas Intermediate (WTI) crude oil, the primary benchmark for U.S. oil markets. WTI is the most widely referenced crude oil price in North America and is used across financial markets, energy analysis, and economic forecasting.
The chart captures long‑term movements driven by global supply and demand, geopolitical events, OPEC decisions, U.S. shale production, and macroeconomic cycles.
Why WTI Matters
WTI is a cornerstone of global energy markets. Its price is shaped by:
- Global oil supply and demand
- OPEC and OPEC+ production decisions
- U.S. shale output and drilling activity
- Geopolitical tensions and supply disruptions
- Refinery demand and seasonal patterns
- Broader macroeconomic conditions
Because crude oil is essential to transportation, manufacturing, and global trade, WTI prices are a key indicator of economic health and energy market dynamics.
Key Insights
- WTI is the primary U.S. crude oil benchmark.
- Prices reflect global supply/demand imbalances and geopolitical risk.
- U.S. shale production has become a major driver of price trends.
- Oil shocks often coincide with recessions or major geopolitical events.
- Crude oil remains one of the most actively traded commodities in the world.
Source
U.S. Energy Information Administration (via FRED), Series ID: DCOILWTICO