Definition
The standard unit for crude oil: 42 US gallons.
The story
When you see Brent at $103 a barrel, that's the price of 42 gallons of crude, before it's refined into gasoline, diesel and other products. A single barrel yields roughly 19 to 20 gallons of gasoline at a US refinery, plus other fuels and products.
Why markets watch it
Oil is quoted per barrel everywhere, so it's the unit behind every oil headline.
Connects to
We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms