Oil Prices in July 1988: WTI & Brent Daily Prices and Monthly Average
At $15.50 per barrel, July 1988's WTI average was the lowest monthly average in nominal terms since November 1986, down $1.03 (6.2%) from June 1988. The average was 27% below the $21.34 of July 1987.
Daily spot prices, July 1988
Chart data table (21 rows; WTI on 20, Brent on 21)
| Period | WTI | Brent |
|---|---|---|
| Jul 29, 1988 | $16.37 | $15.75 |
| Jul 28, 1988 | $16.08 | $15.70 |
| Jul 27, 1988 | $16.18 | $15.45 |
| Jul 26, 1988 | $15.99 | $15.38 |
| Jul 25, 1988 | $16.09 | $15.80 |
| Jul 22, 1988 | $16.27 | $15.83 |
| Jul 21, 1988 | $16.28 | $15.63 |
| Jul 20, 1988 | $15.76 | $15.48 |
| Jul 19, 1988 | $15.16 | $14.93 |
| Jul 18, 1988 | $15.84 | $15.00 |
| Jul 15, 1988 | $14.85 | $14.25 |
| Jul 14, 1988 | $14.84 | $14.10 |
| Jul 13, 1988 | $14.35 | $14.10 |
| Jul 12, 1988 | $14.61 | $14.00 |
| Jul 11, 1988 | $14.56 | $14.63 |
| Jul 8, 1988 | $15.42 | $15.05 |
| Jul 7, 1988 | $15.83 | $15.50 |
| Jul 6, 1988 | $15.44 | $14.50 |
| Jul 5, 1988 | $15.11 | $13.98 |
| Jul 4, 1988 | — | $14.05 |
| Jul 1, 1988 | $14.92 | $13.95 |
Prices rose over the month, from $14.92 on Jul 1, 1988 to $16.37 on Jul 29, 1988. The largest one-day move was +$0.99 on Jul 18, 1988 (+6.7%).
Brent averaged $14.91, within a dollar of WTI on average across the 20 dates when both were published.
Among the 41 July averages EIA has published, 1988's ranks 3rd lowest. Within 1988 it ranks 4th lowest of the 12 monthly averages. The high was $16.37 on Jul 29, 1988 and the low $14.35 on Jul 13, 1988. WTI moved 5% or more from the previous published price on 2 days. In October 2026 dollars (CPI-U), the average equals $44.15 and the high of $16.37 equals $46.62.
July 1988 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $15.50 | $14.91 |
| Change vs June 1988 | −$1.03 | −$0.63 |
| Change vs July 1987 | −$5.84 | −$4.95 |
| Highest daily price | $16.37 Jul 29, 1988 | $15.83 Jul 22, 1988 |
| Lowest daily price | $14.35 Jul 13, 1988 | $13.95 Jul 1, 1988 |
| Published daily observations | 20 | 21 |
| Average in October 2026 dollars (CPI-U) | $44.15 | $42.47 |
Monthly averages are EIA's published figures. Real figures use CPI-U for July 1988.
July in other years
| Year | WTI average | vs July 1988 | Real |
|---|---|---|---|
| 2026 | $80.46 | +419.1% | $81.33 |
| 2025 | $68.39 | +341.2% | $71.45 |
| 2024 | $81.80 | +427.7% | $87.77 |
| 2023 | $76.07 | +390.8% | $83.99 |
| 2022 | $101.62 | +555.6% | $115.76 |
| 2021 | $72.49 | +367.7% | $89.62 |
| 2020 | $40.71 | +162.6% | $53.03 |
| 2019 | $57.35 | +270.0% | $75.44 |
| 2018 | $70.98 | +357.9% | $95.06 |
| 2017 | $46.63 | +200.8% | $64.29 |
| 2016 | $44.65 | +188.1% | $62.63 |
| 2015 | $50.90 | +228.4% | $71.98 |
| 2014 | $103.59 | +568.3% | $146.75 |
| 2013 | $104.67 | +575.3% | $151.23 |
| 2012 | $87.90 | +467.1% | $129.49 |
| 2011 | $97.30 | +527.7% | $145.36 |
| 2010 | $76.32 | +392.4% | $118.15 |
| 2009 | $64.15 | +313.9% | $100.54 |
| 2008 | $133.37 | +760.5% | $204.64 |
| 2007 | $74.12 | +378.2% | $120.10 |
| 2006 | $74.41 | +380.1% | $123.41 |
| 2005 | $59.00 | +280.6% | $101.91 |
| 2004 | $40.78 | +163.1% | $72.67 |
| 2003 | $30.76 | +98.5% | $56.45 |
| 2002 | $26.97 | +74.0% | $50.54 |
| 2001 | $26.43 | +70.5% | $50.26 |
| 2000 | $29.70 | +91.6% | $58.01 |
| 1999 | $20.10 | +29.7% | $40.70 |
| 1998 | $14.17 | −8.6% | $29.30 |
| 1997 | $19.66 | +26.8% | $41.34 |
| 1996 | $21.30 | +37.4% | $45.79 |
| 1995 | $17.33 | +11.8% | $38.35 |
| 1994 | $19.66 | +26.8% | $44.71 |
| 1993 | $17.89 | +15.4% | $41.81 |
| 1992 | $21.78 | +40.5% | $52.32 |
| 1991 | $21.40 | +38.1% | $53.03 |
| 1990 | $18.45 | +19.0% | $47.75 |
| 1989 | $19.78 | +27.6% | $53.67 |
| 1988 | $15.50 | — | $44.15 |
| 1987 | $21.34 | +37.7% | $63.29 |
| 1986 | $11.59 | −25.2% | $35.72 |
“—” in the real column means BLS has published no CPI-U for that month. The comparison column shows how far that year's average was from July 1988.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Jul 1, 1988 – Jul 29, 1988 | Jul 29, 1988 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Jul 1, 1988 – Jul 29, 1988 | Jul 29, 1988 |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly | October 2026 |
Last updated: Nov 10, 2026, 7:01 PM CST. Raw values are shown in source units; any conversion is labeled. See methodology and data sources.
Download:1988 daily prices (CSV)