When they say oil is $126.52?

Question

or whatever price like $135.45

is that how much oil is for a single barrel right?

or what? what is the oil measured in?

Answer 1

Incorrect a barrel of oil is

42 US gallons

34 Imperial gallons

Think about it- 135/42 = 3.21 per gallon of raw material.  refining adds additional cost for all the extraction from the "light sweet crude"

Answer 2

by the barrel.  I see that some are sizing the barrel smaller.  Use to be a 50 gallon drum.

Answer 3

The price is the future (90 days out) price of one barrel of oil.  They are typically refering to Light Sweet Crude, when they quote the price.  There are several different prices of oil (just as there are several different types of crude), but Light Sweet Crude is the easiest to refine into gasoline, and therefore is the most relevant.

Answer 4

Correct - that's the price for one barrel.

A barrel is defined as 31 gallons.  I mean US gallons, not Imperial gallons.