What is the average price of oil right now?

As of October 2015, WTI crude oil trades at approximately $46 per barrel, while Brent crude oil is valued at about $49 per barrel. Prices change constantly, making it necessary to refer to a continually updated financial data service such as Bloomberg for current prices.

Events such as the OPEC oil embargo against the United States in 1973 have sometimes led to sharp increases in the price of oil. In October 2015, confusion about the nature of economic growth in China has led to relatively low oil prices. The potential removal of sanctions against Iran in relation to the country's use of nuclear technology is also impacting oil prices in October 2015, according to Reuters.