FortuneJoseph Hostetler
Current price of oil as of November 2, 2026
As of 6:30 a.m. Eastern Time today, oil sold for $112.60 per barrel (using Brent as the benchmark, which we’ll get into momentarily). That’s $3.26 lower than yesterday morning and approximately a $47 rise over the past year.
It’s impossible to predict the future of oil prices.
Several factors determine the movement of oil, but it ultimately boils down to supply and demand. Again, when threats of economic downturn, war, etc. are high, the oil trajectory can turn rapidly.
When you pay for gas at the pump, you’re paying for more than just the crude oil itself; you’re also springing for links along the chain, such as the refineries and wholesalers—not to mention taxes and local gas station markups.
Still, the crude oil aspect affects the final price most dramatically, as it typically accounts for more than half the…
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