What are West Texas Intermediate crude oil's price records?
WTI is traded on the New York Mercantile Exchange
The Price Futures Group senior strategist Phil Flynn argues the world could pay the price for the oil crash for ‘many years down the road.’
West Texas Intermediate crude has touched all-time highs and lows in the past 12 years.
A light, sweet crude oil that is traded and delivered at Cushing, Oklahoma, a key U.S. hub, it's typically produced in the Permian Basin, located in western Texas and southeastern New Mexico, but can come from other locations.
The price of a WTI barrel is determined by supply and demand factors that are considered by traders at the New York Mercantile Exchange, which is owned by CME Group.
WTI prices surged to a record high of $145.29 a barrel, on July 3, 2008, as stagnating oil production was met with increasing demand, especially from emerging economies. Speculators and a weakening U.S. dollar have also been blamed for catapulting prices higher.
CLICK HERE TO READ MORE ON FOX BUSINESS
Fast forward to April 2020 and WTI crude oil plunged to a record low of -$37.63 a barrel on April 20 as stay-at-home orders designed to slow the spread of the COVID-19 pandemic reduced global demand by about 30 million barrels per day at the same time Russia and Saudi Arabia, two of the world’s largest producers, were engaged in a price war.