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Oil Price Today
Live Brent crude and WTI oil price per barrel. Updated every hour. In USD and AED.
Brent vs WTI — Understanding the Two Benchmarks
| Factor | Brent Crude | WTI Crude |
|---|---|---|
| Exchange | ICE (London) | NYMEX (New York) |
| Origin | North Sea (UK/Norway) | West Texas, USA |
| Coverage | ~65% of global oil | US domestic benchmark |
| Quality | Light, sweet crude | Very light, very sweet |
| Symbol (MT5) | UKOUSD or #BRENT | USOUSD or #WTI |
| Typical spread | Brent often $1–3 above WTI | — |
| OPEC influence | Very high | Moderate |
Oil Price — UAE Perspective
The UAE is one of the world's top 10 oil producers, with proven reserves of 105 billion barrels. Abu Dhabi National Oil Company (ADNOC) produces ~3.7 million barrels per day. For UAE investors, businesses, and the broader GCC economy, crude oil price movements directly affect:
- Government budgets: UAE's fiscal breakeven oil price is ~$65–70/barrel. Below this, budget deficits expand.
- Stock market (ADX/DFM): Energy sector companies (ADNOC Distribution, Dana Gas) are highly correlated with Brent.
- AED stability: While the AED is USD-pegged, oil revenues underpin the UAE's sovereign wealth and currency reserves.
- Regional investment flows: Higher oil prices = more sovereign wealth fund activity in global markets.
What Moves the Oil Price?
- OPEC+ production decisions: The 23-member OPEC+ group controls ~40% of global supply. Production cut/increase announcements are the single biggest short-term catalyst.
- US inventories (EIA): Published weekly (Wednesday). Inventory build = bearish, inventory draw = bullish. Moves oil ±2–3% instantly.
- Geopolitical risk: Middle East tensions, Russia-Ukraine war, sanctions on Iran/Venezuela add a "risk premium" to Brent.
- Global demand: China manufacturing PMI and IEA demand forecasts are key medium-term drivers.
- USD strength: Oil is priced in USD — a weaker dollar makes oil cheaper for non-US buyers, boosting demand.
- Renewable energy transition: Long-term structural headwind. IEA projects oil demand peak before 2030.
Key Oil Price Events (Historical Reference)
| Event / Date | Brent Price | Catalyst |
|---|---|---|
| All-Time High (Jul 2008) | $147/bbl | Peak demand speculation, weak USD |
| COVID Crash (Apr 2020) | $17/bbl | Demand collapse + Saudi/Russia price war |
| WTI negative (Apr 2020) | −$37/bbl | Futures roll, storage full — WTI only |
| Russia-Ukraine High (Mar 2022) | $139/bbl | Supply disruption fears, sanctions |
| Post-COVID recovery (2022) | $120/bbl | Demand rebound + OPEC restraint |
| 2023 OPEC+ cuts | $95/bbl | Saudi voluntary cuts, tight supply |
Trade Crude Oil CFDs with Exness
Exness offers Brent (UKOUSD) and WTI (USOUSD) trading with tight spreads, up to 1:200 leverage, and instant withdrawals. Available in UAE, Saudi Arabia, Vietnam, and 170+ countries.
Trade Oil with Exness →Risk warning: Oil CFDs are highly volatile. Trade with caution.
Frequently Asked Questions
What is the oil price today?
The live Brent crude and WTI prices are shown at the top of this page. Oil is priced in US Dollars per barrel (42 gallons). Prices are updated every hour from market data.
Why is Brent crude more expensive than WTI?
Brent typically trades at a premium to WTI due to logistics (Brent can be shipped anywhere), broader global demand basis, and OPEC's influence on North Sea pricing. The spread fluctuates: it was $10+ during the US fracking boom and near-zero at times of equal demand.
What does the oil price mean for the UAE economy?
The UAE needs oil around $65–70/barrel to balance its government budget. Above that, sovereign wealth funds (ADIA, Mubadala) accumulate capital for global investment. Below that, deficit spending kicks in. The AED peg to USD remains stable regardless, backed by massive reserves.
How do I trade crude oil CFDs?
Open an account with a broker that offers commodity CFDs (Exness has UKOUSD for Brent and USOUSD for WTI). Standard lot = 1,000 barrels. A $1 move in oil = $1,000 P&L per lot. Use micro lots (0.01 = 10 barrels) for small accounts.