According to the International Energy Agency , high oil prices generally have a large negative impact on the global economic growth Oil price has undergone a significant decrease since the record peak of US$145 it reached in July 2008.On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2010 began, and traded at between US$35 a barrel and US$82 a barrel in 2009. On 31 January 2011, the Brent price hit $100 a barrel for the first time since October 2008, on concerns about the political unrest in Egypt .
Price of petroleum as quoted in news generally refers to the spot price per barrel (159 liters) of either WTI / light crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma , or of Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe .
Brent barrel petroleum spot prices , May 1987 – Jan 2011:
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