According to data from NYMEX, crude oil prices for Brent and WTI have seesawed since they found their bottom in January 2015. The prices of WTI and Brent had both dropped by 8% and 3%, respectively, since February 2015.
Crude oil prices recovered since January 2015 to over 60 USD/Bbl a barrel, but have fallen again in March following a bigger than expected crude stock build in the United States that fueled concerns of an oversupply in the world’s largest oil consumer.
Prompt-month WTI contracts settled at 48 USD/Bbl on March 18, 2015. Meanwhile, the prompt-month contract prices for Brent dipped slightly by 2 USD/Bbl from the previous month to settle at 59 USD/Bbl. The last 12-month averages for WTI and Brent on NYMEX dropped to 82 USD/Bbl and 88 USD/Bbl, respectively.
The spread between WTI and Brent (represented by the purple area in the graph above) has widened sharply since January 2015, and sat at 10 USD/Bbl in March 2015, which is 4 USD/Bbl above the last 12-month average of 6 USD/Bbl.
Data Sources: CME, NYMEX