Crude oil prices refer to the cost of unrefined oil, which is a key energy source used globally. These prices fluctuate based on supply and demand, geopolitical events, and economic conditions. Major benchmarks for crude oil prices include West Texas Intermediate (WTI) and Brent Crude, which serve as reference points for pricing in different regions. Factors influencing crude oil prices include production levels set by OPEC (Organization of the Petroleum Exporting Countries), changes in consumer demand, and natural disasters that can disrupt supply. Additionally, currency values, particularly the U.S. dollar, play a significant role, as oil is typically traded in dollars on the global market.