Crude Oil Price Today: Live WTI Chart & Trading Guide

Quick Answer

The crude oil price is what one barrel of oil costs for a given grade and delivery month. On October 28, 2026, WTI traded at about $101 a barrel in early trading, with Brent near $115. Treat that as a dated reading, not a forecast, because prices will have moved again by the time you finish reading. 

Major Takeaways

1. The WTI crude oil price tracks US crude delivered at Cushing, Oklahoma. Brent is the international benchmark and trades higher.

2. OPEC production is a key supply driver, but actual output has lagged targets because of the Middle East conflict.

3. The weekly crude oil inventory report can move prices when it surprises the market.

4. Check the WTI contract specification on XXKK before sizing a position, and plan around scheduled data releases.

Traders and everyday readers love to check the price of oil all the time, because crude oil is a major driver of the economy. It sits behind fuel prices, airline tickets and inflation reports, and it moves while most of us are asleep. This guide explains the crude oil price in plain terms and how to read it before you trade.

What the Crude Oil Price Represents

The crude oil price is what one barrel of unrefined oil costs for a specific grade, at a specific delivery point, in a specific month. It is not one universal number.

When people say “oil price today,” they usually mean the front-month futures contract of a benchmark. For WTI, that is the NYMEX contract: 1,000 barrels of crude, physically delivered at Cushing, Oklahoma. Spot and futures prices can differ slightly, which is why two websites may disagree by a dollar or so.

It is also a wide-ranging number. WTI’s daily closes have run from about $55 to about $115 over the last 52 weeks, partly because of the war involving Iran, which has disrupted Gulf oil exports. The European benchmark, Brent, is a separate market with its own drivers; this page covers WTI only.

WTI and Brent: Two Benchmarks, One Market

WTI (West Texas Intermediate) is a light, sweet US grade. Its futures trade on NYMEX, and the contract is tied to Cushing, Oklahoma, a landlocked storage and pipeline hub. Brent is the North Sea-based benchmark that much of the world’s seaborne oil is priced against.

They trade at different levels. On October 28, WTI was near $101 while Brent was near $115, so a headline saying oil is at $115 and another saying it is at $101 can both be correct on the same day. They are just talking about different benchmarks. That is why every figure should be labeled.

They also respond to different things. WTI is more exposed to US drivers such as shale output, refinery demand and Cushing storage levels.

OPEC+ Supply and Production Decisions

OPEC production matters because the group and its partners supply a large share of the world’s oil. On October 4, seven core members agreed to keep November targets steady, and they hold their next meeting on November 1.

Targets and real barrels are different things, though. Those seven pumped about 25 million barrels per day in August, still roughly 5 million below the prewar level in February. A quota shows what a group may produce, not what actually reaches the market.

Nobody can know in advance what a supply meeting will decide, so treat meeting dates as moments when volatility may rise, then watch how the market reacts.

Inventories, Refining, and Product Demand

The crude oil inventory report is the weekly health check for US supply. The US Energy Information Administration (EIA) publishes it on Wednesdays. In the latest report, for the week ending October 16, crude inventories fell by about 3.06 million barrels to 412.5 million, well beyond the roughly 0.8 million draw analysts had expected. The stockpile is about 3% below the five-year average. Expectations are what the market reacts to.

A draw can suggest tighter supply, and a build looser supply. But read the rest of the report too:

• Refinery runs: Utilization was 93.4%. Higher runs pull more crude out of storage.

• Product stock: Gasoline fell by about 3 million barrels, while distillates rose by about 1.7 million.

• Cushing: Stocks at the WTI delivery hub rose by roughly 1 million barrels.

The American Petroleum Institute (API) published its own estimate a day earlier. Treat it as an early hint and the EIA figure as the official number.

Reading the Crude Oil Chart

Oil charts can look chaotic around data releases. If you are still getting comfortable with the building blocks, XXKK’s Candlestick Chart Basics explains open, close, high and low. Then ask three questions:

• Where is the price relative to its recent range?

• How does it behave at obvious support and resistance?

• Is the move happening on a scheduled event, such as an inventory release or an OPEC+ meeting?

Avoid treating one large candle as a new trend, and check which benchmark and contract month a chart shows.

Trading Crude Oil on XXKK

On XXKK Markets, you can follow price and volume live and mark the boundaries that matter to you. A simple routine keeps the process organized:

• Watch first. Follow the live crude oil price for a few sessions.

• Check the contract. Check the WTI contract specification on XXKK, including contract size, margin and trading hours.

• Size carefully. Leverage works in both directions, so size a position around what you can afford to lose.

• Plan around the calendar. Trade around scheduled inventory releases rather than straight into them.

If you want to follow the live crude oil price, open an XXKK account and start with the chart.

Conclusion

The crude oil price is a snapshot of a global tug-of-war between supply, demand and stored barrels. WTI and Brent answer to the same forces but trade at different levels, so label the benchmark. None of this predicts where oil goes next, but it helps you read what the market is doing.

FAQs

What is the crude oil price today?

On October 28, 2026, WTI traded at about $101 per barrel in early trading, with Brent near $115. Prices change continuously, so check the live chart for the current figure.

What drives the crude oil price?

Mainly OPEC+ supply decisions, refinery and product demand, inventory levels, and geopolitical disruption.

What is the difference between WTI and Brent?

WTI is a US light sweet benchmark delivered at Cushing, Oklahoma. Brent is a North Sea-based benchmark used for much of the world’s seaborne crude. They usually trade at different prices, so always check which one a figure refers to.

How do inventories affect oil prices?

A larger-than-expected draw can support prices, and a larger-than-expected build can weigh on them, depending on refinery runs and product demand.