Crude Oil Prices
Returns the spot price of crude oil (typically WTI - West Texas Intermediate), a key benchmark for global energy markets.
Data Source
Energy Information Administration (EIA) via FRED.
Usage Notes
- No parameters required
- Returns price in U.S. dollars per barrel
- Data updated daily
- Key driver of inflation and energy sector
Oil Price Context
| Price Range | Market Condition |
|---|---|
| < $40 | Low - stress for producers |
| $40-70 | Moderate |
| $70-100 | Elevated |
| > $100 | High - inflationary pressure |
Economic Impact
Oil prices affect:
- Transportation costs
- Inflation (CPI energy component)
- Energy sector earnings
- Consumer spending
Examples
Crude oil spot price ($/barrel)
When to Use
- Tracking energy prices
- Inflation forecasting
- Energy sector analysis
- Transportation cost modeling
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Need real-time oil quotes | Last() with oil futures symbol |
| Need gasoline prices | GasolinePrice() |
| Need natural gas | NaturalGasPrice() |
| Need energy CPI | ConsumerPriceindexEnergy() |
Common Issues & FAQ
Q: Is this WTI or Brent? A: Check the data source - typically this is WTI (West Texas Intermediate), the U.S. benchmark.
Q: How do I get real-time oil prices?
A: Use =Last("CL=F") for WTI crude oil futures quotes.
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