原油是全球经济的核心能源，直接影响全球经济活动和通货膨胀。
Global oil prices are quoted mainly through two futures benchmarks, West Texas Intermediate (WTI) and Brent, priced in dollars per barrel. WTI futures trade on the New York Mercantile Exchange, part of CME Group, while Brent futures trade on ICE. WTI is based on delivery at Cushing, Oklahoma, whereas Brent, sourced from the North Sea, serves as the pricing reference for most of the world's crude. The two benchmarks generally move together, though regional supply and demand can widen the spread between them.
Oil is widely read as a thermometer for the global economy, reflecting the balance between energy demand and supply. Prices tend to rise during economic expansions and sharp declines are often taken as a signal of weakening demand or excess supply. Because crude feeds into gasoline, transport, and production costs, oil is also watched closely as an inflation input. The shape of the futures curve carries information as well: backwardation, where near-term contracts trade above later ones, signals tight physical supply, while contango suggests ample supply.
The key drivers are OPEC+ production decisions, U.S. shale output, and demand tied to the global business cycle. The weekly crude inventory report from the U.S. Energy Information Administration is a major short-term price mover. Since oil is priced in dollars, a stronger dollar tends to pressure prices, while geopolitical risk in producing regions can push them higher on supply concerns. Natural gas prices, the dollar index, and consumer price inflation are useful indicators to read alongside oil.