Current price of oil as of November 2, 2026
When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.
On November 2, 2026, the price of oil was $112.60 per barrel, according to the November 2, 2026 article from Fortune. This represents a $3.26 decrease from the previous day and a $47 increase compared to one year ago. Oil prices have fluctuated significantly over time, with the first oil shock occurring in 1973 due to the Middle East embargo, and another spike in 2008 due to global demand and the financial crisis.
In recent times, oil prices dropped in 2020 due to the COVID lockdown. The price of oil is influenced by factors like supply, demand, geopolitical events, and policy decisions. The U.S. Strategic Petroleum Reserve can help mitigate price hikes in emergencies, but it's not a long-term solution. Brent crude oil is the primary global benchmark, while WTI is the main North American benchmark.
While shale oil production can help prevent price spikes, it also increases the overall supply of oil.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
