Open Data Insight of the Day

This insight focuses on the crude oil price in February 2026. Crude oil is a naturally occurring, unrefined fossil fuel composed of hydrocarbons. It serves as a primary energy source and a critical input for fuels such as gasoline, diesel, and jet fuel, as well as for a wide range of petrochemical products. The two main global benchmarks are West Texas Intermediate (WTI), which reflects U.S. market conditions, and Brent crude, the leading international reference sourced from the North Sea. Oil prices both influence and are influenced by political developments: they affect inflation, fiscal stability, and trade balances, while policies, conflicts, and production agreements can directly alter supply and price levels. Learn more

In February 2026, crude oil prices for both major benchmarks exhibited a steady upward trend, as detailed in Figure 1 and Table 1. Brent crude opened the month at $67.72 per barrel and closed at $71.32, representing a gain of 5.3 percent. WTI crude showed a stronger increase, rising 8.7 percent from an opening price of $61.60 to close at $66.96. The trading range for both contracts was notably narrow, with Brent prices confined between $67.72 and $73.17 and WTI between $61.60 and $66.96. This resulted in low monthly volatility, measured at 1.20 for Brent and 1.58 for WTI, indicating a period of relative price stability and consolidation at higher levels.

Compared to January 2026, the market environment in February shifted significantly from high volatility to consolidation. While January saw dramatic rallies with Brent gaining 16.6 percent and WTI gaining 12.7 percent, February's gains were more moderate. More notably, the extreme price swings and high volatility observed in January, with coefficients of variation of 0.0469 for Brent and 0.0391 for WTI, subsided dramatically. February's coefficients of variation fell to 0.0169 for Brent and 0.0245 for WTI, signaling a substantial calming of market turbulence. The average price for both benchmarks also increased from the previous month, with Brent rising from $66.60 to $70.89 and WTI from $60.04 to $64.51.

When positioned within the broader 12-month trend, February 2026 represents a continuation of the recovery that began in January, placing prices near the upper end of the annual range. The average Brent price of $70.89 is among the highest monthly averages in the past year, surpassed only by March 2025 ($72.96), June 2025 ($71.27), and July 2025 ($71.17). Similarly, the WTI average of $64.51 is near the top of its yearly range. This marks a decisive reversal from the lower price regime seen in the final quarter of 2025, where averages dipped into the low $60s for Brent and high $50s for WTI. The structural shift appears to be a move from a period of decline and low volatility in late 2025 to a phase of price recovery and, initially in January, high volatility, which has since stabilized.