en
oil price
/ɔɪl praɪs/
Definition
1
The current market value of crude oil, typically quoted per barrel on commodity exchanges like Brent or WTI benchmarks.
2
A volatile economic indicator that influences global energy costs, inflation rates, transportation expenses, and geopolitical strategies.
Examples
The oil price plummeted, turning luxury SUVs into accidental fuel misers overnight.
When the oil price surges, economists start blaming everything from weather patterns to butterfly wings.
Investors rode the oil price rollercoaster, emerging either richer or in desperate need of therapy.
A dip in the oil price meant cheaper flights, but airlines still charged for emotional baggage.