This is the price of West Texas Intermediate (WTI) crude oil if you were to buy a barrel today and was 74.15 as of January 01, 2024. Oil has a spot price and futures prices. Many energy-heavy industries, like airlines, hedge their purchases oil across various time frames try to maintain a constant cost for fuel over the course of months and years. WTI is considered a “sweet” and “light” crude oil, which means it needs less refining than say, Brent North Sea crude. That also makes it slightly more expensive than crude oils that are more “heavy” and “sour”.
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