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Oil Prices in 1994: WTI & Brent History and Monthly Averages

WTI average
$17.20
EIA annual average
WTI vs prior year
−6.7%
1993: $18.43
Brent average
$15.86
EIA annual average
Brent vs prior year
−6.8%
1993: $17.01

WTI averaged $17.20 per barrel in 1994, down $1.23 (6.7%) from 1993; that was the lowest annual average since 1988, and the 4th consecutive annual decline.

Monthly average prices in 1994

Monthly averages and daily ranges, 1994 ($/bbl)
MonthWTI avgWTI highWTI lowBrent avgBrent − WTI (matched dates)WTI (September 2026 $)Brent (September 2026 $)
January$15.03$15.50$14.36$14.29−$0.76$34.64$32.93
February$14.78$16.06$13.89$13.80−$0.94$33.95$31.70
March$14.68$15.37$14.14$13.82−$0.86$33.60$31.63
April$16.42$17.84$15.57$15.23−$1.23$37.53$34.81
May$17.89$18.93$16.85$16.19−$1.74$40.87$36.98
June$19.06$20.72$17.78$16.76−$2.30$43.39$38.16
July$19.66$20.40$19.15$17.60−$2.05$44.64$39.96
August$18.38$20.65$16.87$16.89−$1.53$41.56$38.19
September$17.45$18.36$16.72$15.90−$1.54$39.35$35.86
October$17.72$18.27$16.98$16.49−$1.23$39.94$37.16
November$18.07$18.97$17.38$17.19−$0.86$40.67$38.69
December$17.16$17.77$16.60$15.93−$1.20$38.62$35.85

Monthly averages are EIA's published figures. Brent − WTI is the average over dates with both prices published, so it can differ from the difference between the two monthly averages. Inflation-adjusted columns use CPI-U for each month, expressed in September 2026 dollars; “—” means CPI-U for that month is not available.

From $13.89 on Feb 16, 1994, WTI climbed to $20.72 by Jun 17, 1994, a 49% gain. It was below $20 on 240 days. Although the annual average fell, prices ended the year higher than they started: $14.52 on Jan 3, 1994 against $17.77 on Dec 30, 1994. The steepest fall within the year ran from $20.72 on Jun 17, 1994 to $16.60 on Dec 15, 1994, a 20% drop.

Brent traded below WTI throughout 1994: its monthly average was lower in every month, and on the 247 matched dates it averaged $1.36 less. Brent averaged $15.86, down $1.15 (6.8%) from 1993.

The monthly average was lowest in March ($14.68) and highest in July ($19.66). In September 2026 dollars (CPI-U), the 1994 average is $39.11, lower than 2025's real average by $29.33 (42.9%). The 1990s as a whole averaged $19.70, so 1994 ran below its decade. Of 40 complete years with an EIA annual average, 1994 ranks 4th lowest.

1994 summary statistics

MeasureWTIBrentBrent − WTI
Average$17.20$15.86−$1.36
Change vs 1993 average−$1.23−$1.15+$0.04
Highest daily price$20.72 Jun 17, 1994$19.03 Aug 1, 1994—
Lowest daily price$13.89 Feb 16, 1994$13.00 Feb 18, 1994—
Highest daily spread——−$0.18 Nov 21, 1994
Lowest daily spread——−$3.59 Jun 17, 1994
First observation$14.52 Jan 3, 1994$13.43 Jan 4, 1994—
Last observation$17.77 Dec 30, 1994$16.23 Dec 30, 1994—
Published daily observations252252247 matched
Average in September 2026 dollars$39.11$36.06—

Daily spot prices in 1994

Show all 257 dates (Jan 3, 1994 – Dec 30, 1994)
DateWTIBrentBrent − WTI
Jan 3, 1994$14.52——
Jan 4, 1994$14.66$13.43−$1.23
Jan 5, 1994$15.30$14.10−$1.20
Jan 6, 1994$15.36$14.55−$0.81
Jan 7, 1994$15.33$14.63−$0.70
Jan 10, 1994$14.65$14.15−$0.50
Jan 11, 1994$14.95$14.10−$0.85
Jan 12, 1994$14.36$13.90−$0.46
Jan 13, 1994$14.56$13.75−$0.81
Jan 14, 1994$14.81$14.10−$0.71
Jan 17, 1994$15.15$14.40−$0.75
Jan 18, 1994$14.92$14.10−$0.82
Jan 19, 1994$15.25$14.25−$1.00
Jan 20, 1994$14.95$14.10−$0.85
Jan 21, 1994$14.85$14.23−$0.62
Jan 24, 1994$15.09$14.35−$0.74
Jan 25, 1994$15.26$14.63−$0.63
Jan 26, 1994$15.50$14.80−$0.70
Jan 27, 1994$15.48$14.78−$0.70
Jan 28, 1994$15.37$14.65−$0.72
Jan 31, 1994$15.24$14.83−$0.41
Feb 1, 1994$15.91$15.03−$0.88
Feb 2, 1994$16.06$15.40−$0.66
Feb 3, 1994$15.97$15.48−$0.49
Feb 4, 1994$15.63$14.93−$0.70
Feb 7, 1994$15.31$14.60−$0.71
Feb 8, 1994$15.12$14.13−$0.99
Feb 9, 1994$14.64$13.53−$1.11
Feb 10, 1994$14.59$13.58−$1.01
Feb 11, 1994$14.71$13.70−$1.01
Feb 14, 1994$14.15$13.40−$0.75
Feb 15, 1994$14.13$13.13−$1.00
Feb 16, 1994$13.89$13.08−$0.81
Feb 17, 1994$14.26$13.28−$0.98
Feb 18, 1994$14.21$13.00−$1.21
Feb 21, 1994—$13.05—
Feb 22, 1994$14.28$13.20−$1.08
Feb 23, 1994$14.18$13.20−$0.98
Feb 24, 1994$14.82$13.40−$1.42
Feb 25, 1994$14.48$13.33−$1.15
Feb 28, 1994$14.50$13.59−$0.91
Mar 1, 1994$14.78$13.45−$1.33
Mar 2, 1994$14.80$13.50−$1.30
Mar 3, 1994$14.74$13.55−$1.19
Mar 4, 1994$14.57$13.43−$1.14
Mar 7, 1994$14.14$13.13−$1.01
Mar 8, 1994$14.17$13.15−$1.02
Mar 9, 1994$14.23$13.30−$0.93
Mar 10, 1994$14.19$13.23−$0.96
Mar 11, 1994$14.47$13.70−$0.77
Mar 14, 1994$14.52$14.03−$0.49
Mar 15, 1994$14.82$14.28−$0.54
Mar 16, 1994$15.03$14.30−$0.73
Mar 17, 1994$14.83$14.25−$0.58
Mar 18, 1994$14.88$14.05−$0.83
Mar 21, 1994$15.37$14.55−$0.82
Mar 22, 1994$15.04$14.80−$0.24
Mar 23, 1994$14.94$14.50−$0.44
Mar 24, 1994$15.21$14.53−$0.68
Mar 25, 1994$15.19$14.58−$0.61
Mar 28, 1994$14.15$13.75−$0.40
Mar 29, 1994$14.41$13.38−$1.03
Mar 30, 1994$14.40$13.23−$1.17
Mar 31, 1994$14.78$13.25−$1.53
Apr 4, 1994$15.67——
Apr 5, 1994$15.67$14.33−$1.34
Apr 6, 1994$15.77$14.33−$1.44
Apr 7, 1994$15.59$14.40−$1.19
Apr 8, 1994$15.57$14.30−$1.27
Apr 11, 1994$15.86$14.73−$1.13
Apr 12, 1994$15.74$14.80−$0.94
Apr 13, 1994$15.96$15.00−$0.96
Apr 14, 1994$16.20$15.28−$0.92
Apr 15, 1994$16.58$15.23−$1.35
Apr 18, 1994$16.64$15.48−$1.16
Apr 19, 1994$16.43$15.13−$1.30
Apr 20, 1994$16.65$15.30−$1.35
Apr 21, 1994$17.56$15.63−$1.93
Apr 22, 1994$17.84$16.28−$1.56
Apr 25, 1994$17.66$16.38−$1.28
Apr 26, 1994$16.82$16.05−$0.77
Apr 27, 1994$16.70$15.75−$0.95
Apr 28, 1994$16.57$15.65−$0.92
Apr 29, 1994$16.92$15.35−$1.57
May 2, 1994$17.18——
May 3, 1994$16.93$15.93−$1.00
May 4, 1994$16.85$15.95−$0.90
May 5, 1994$17.28$15.85−$1.43
May 6, 1994$17.74$16.25−$1.49
May 9, 1994$17.72$16.33−$1.39
May 10, 1994$17.62$16.25−$1.37
May 11, 1994$17.84$16.10−$1.74
May 12, 1994$18.27$16.25−$2.02
May 13, 1994$18.20$16.50−$1.70
May 16, 1994$17.99$16.23−$1.76
May 17, 1994$17.61$15.83−$1.78
May 18, 1994$18.02$15.98−$2.04
May 19, 1994$18.49$16.15−$2.34
May 20, 1994$18.93$16.23−$2.70
May 23, 1994$18.69$16.63−$2.06
May 24, 1994$18.40$16.63−$1.77
May 25, 1994$17.83$16.33−$1.50
May 26, 1994$17.76$16.08−$1.68
May 27, 1994$18.02$16.08−$1.94
May 31, 1994$18.30$16.18−$2.12
Jun 1, 1994$18.29$16.40−$1.89
Jun 2, 1994$18.25$16.35−$1.90
Jun 3, 1994$18.11$16.13−$1.98
Jun 6, 1994$18.10$16.18−$1.92
Jun 7, 1994$17.78$15.95−$1.83
Jun 8, 1994$18.28$15.65−$2.63
Jun 9, 1994$18.67$16.13−$2.54
Jun 10, 1994$18.48$16.38−$2.10
Jun 13, 1994$18.82$16.23−$2.59
Jun 14, 1994$18.94$16.40−$2.54
Jun 15, 1994$19.75$16.73−$3.02
Jun 16, 1994$19.83$16.88−$2.95
Jun 17, 1994$20.72$17.13−$3.59
Jun 20, 1994$20.68$17.38−$3.30
Jun 21, 1994$20.08$17.63−$2.45
Jun 22, 1994$19.59$17.48−$2.11
Jun 23, 1994$19.38$17.30−$2.08
Jun 24, 1994$19.28$17.40−$1.88
Jun 27, 1994$18.96$17.40−$1.56
Jun 28, 1994$19.14$16.98−$2.16
Jun 29, 1994$18.82$17.23−$1.59
Jun 30, 1994$19.37$17.45−$1.92
Jul 1, 1994$19.52$17.65−$1.87
Jul 4, 1994—$17.50—
Jul 5, 1994$19.62$17.13−$2.49
Jul 6, 1994$19.30$16.90−$2.40
Jul 7, 1994$19.15$16.78−$2.37
Jul 8, 1994$19.48$17.00−$2.48
Jul 11, 1994$20.17$17.48−$2.69
Jul 12, 1994$20.40$18.25−$2.15
Jul 13, 1994$20.14$18.25−$1.89
Jul 14, 1994$20.18$18.33−$1.85
Jul 15, 1994$19.89$18.15−$1.74
Jul 18, 1994$19.38$17.50−$1.88
Jul 19, 1994$19.49$17.20−$2.29
Jul 20, 1994$19.15$17.35−$1.80
Jul 21, 1994$19.32$17.45−$1.87
Jul 22, 1994$19.59$17.58−$2.01
Jul 25, 1994$19.42$17.35−$2.07
Jul 26, 1994$19.26$17.43−$1.83
Jul 27, 1994$19.46$17.83−$1.63
Jul 28, 1994$19.87$18.00−$1.87
Jul 29, 1994$20.30$18.48−$1.82
Aug 1, 1994$20.65$19.03−$1.62
Aug 2, 1994$20.22$18.48−$1.74
Aug 3, 1994$20.06$18.48−$1.58
Aug 4, 1994$20.14$18.43−$1.71
Aug 5, 1994$19.37$17.78−$1.59
Aug 8, 1994$19.41$17.93−$1.48
Aug 9, 1994$19.29$17.68−$1.61
Aug 10, 1994$18.96$17.33−$1.63
Aug 11, 1994$18.67$17.50−$1.17
Aug 12, 1994$18.05$17.10−$0.95
Aug 15, 1994$18.24$16.75−$1.49
Aug 16, 1994$17.64$16.68−$0.96
Aug 17, 1994$18.08$16.28−$1.80
Aug 18, 1994$17.73$16.30−$1.43
Aug 19, 1994$17.56$16.13−$1.43
Aug 22, 1994$16.87$15.25−$1.62
Aug 23, 1994$17.09$15.30−$1.79
Aug 24, 1994$17.54$15.80−$1.74
Aug 25, 1994$17.49$15.75−$1.74
Aug 26, 1994$17.14$15.85−$1.29
Aug 29, 1994$17.62——
Aug 30, 1994$17.40$15.78−$1.62
Aug 31, 1994$17.60$16.03−$1.57
Sep 1, 1994$17.47$16.03−$1.44
Sep 2, 1994$17.52$15.88−$1.64
Sep 5, 1994—$15.60—
Sep 6, 1994$17.62$15.95−$1.67
Sep 7, 1994$17.84$16.03−$1.81
Sep 8, 1994$17.62$16.05−$1.57
Sep 9, 1994$17.53$15.93−$1.60
Sep 12, 1994$17.39$15.83−$1.56
Sep 13, 1994$17.00$15.48−$1.52
Sep 14, 1994$16.72$15.40−$1.32
Sep 15, 1994$16.72$15.25−$1.47
Sep 16, 1994$16.84$15.30−$1.54
Sep 19, 1994$17.21$15.45−$1.76
Sep 20, 1994$17.24$15.78−$1.46
Sep 21, 1994$17.06$15.80−$1.26
Sep 22, 1994$17.65$15.90−$1.75
Sep 23, 1994$17.76$16.30−$1.46
Sep 26, 1994$17.68$16.10−$1.58
Sep 27, 1994$17.48$16.10−$1.38
Sep 28, 1994$17.69$16.20−$1.49
Sep 29, 1994$17.96$16.60−$1.36
Sep 30, 1994$18.36$16.73−$1.63
Oct 3, 1994$18.16$16.85−$1.31
Oct 4, 1994$17.97$16.70−$1.27
Oct 5, 1994$18.01$16.50−$1.51
Oct 6, 1994$18.24$16.63−$1.61
Oct 7, 1994$18.27$16.93−$1.34
Oct 10, 1994$17.95$16.70−$1.25
Oct 11, 1994$17.74$16.38−$1.36
Oct 12, 1994$17.13$16.08−$1.05
Oct 13, 1994$17.03$15.63−$1.40
Oct 14, 1994$16.98$15.58−$1.40
Oct 17, 1994$17.11$15.75−$1.36
Oct 18, 1994$17.34$16.13−$1.21
Oct 19, 1994$17.43$16.28−$1.15
Oct 20, 1994$17.57$16.53−$1.04
Oct 21, 1994$17.31$16.35−$0.96
Oct 24, 1994$17.50$16.48−$1.02
Oct 25, 1994$17.71$16.48−$1.23
Oct 26, 1994$18.01$16.88−$1.13
Oct 27, 1994$18.17$17.08−$1.09
Oct 28, 1994$18.25$17.18−$1.07
Oct 31, 1994$18.16$17.18−$0.98
Nov 1, 1994$18.66$17.40−$1.26
Nov 2, 1994$18.90$17.58−$1.32
Nov 3, 1994$18.97$17.75−$1.22
Nov 4, 1994$18.76$18.00−$0.76
Nov 7, 1994$18.38$17.78−$0.60
Nov 8, 1994$18.46$17.38−$1.08
Nov 9, 1994$18.16$17.55−$0.61
Nov 10, 1994$18.18$17.20−$0.98
Nov 11, 1994$18.07$17.38−$0.69
Nov 14, 1994$17.48$17.25−$0.23
Nov 15, 1994$17.58$16.98−$0.60
Nov 16, 1994$17.38$16.80−$0.58
Nov 17, 1994$17.63$16.53−$1.10
Nov 18, 1994$17.47$16.45−$1.02
Nov 21, 1994$17.43$17.25−$0.18
Nov 22, 1994$17.70$17.20−$0.50
Nov 23, 1994$18.05$16.88−$1.17
Nov 24, 1994—$16.95—
Nov 25, 1994—$17.00—
Nov 28, 1994$18.10$16.95−$1.15
Nov 29, 1994$17.97$17.00−$0.97
Nov 30, 1994$18.06$16.95−$1.11
Dec 1, 1994$17.77$16.98−$0.79
Dec 2, 1994$17.00$16.35−$0.65
Dec 5, 1994$16.88$15.93−$0.95
Dec 6, 1994$16.93$16.05−$0.88
Dec 7, 1994$16.86$15.83−$1.03
Dec 8, 1994$17.14$16.13−$1.01
Dec 9, 1994$17.12$16.08−$1.04
Dec 12, 1994$16.92$15.98−$0.94
Dec 13, 1994$16.98$15.73−$1.25
Dec 14, 1994$16.96$15.83−$1.13
Dec 15, 1994$16.60$15.60−$1.00
Dec 16, 1994$16.84$15.48−$1.36
Dec 19, 1994$16.91$15.58−$1.33
Dec 20, 1994$16.98$15.73−$1.25
Dec 21, 1994$17.07$15.65−$1.42
Dec 22, 1994$17.15$15.60−$1.55
Dec 23, 1994$17.41$15.55−$1.86
Dec 27, 1994$17.63——
Dec 28, 1994$17.74$16.08−$1.66
Dec 29, 1994$17.69$16.25−$1.44
Dec 30, 1994$17.77$16.23−$1.54

“—” means EIA published no price for that benchmark on that date.

Source and methodology

ProviderSeriesUnitsCoverageLatest observation
U.S. Energy Information AdministrationRWTC — WTI spot price FOB$/bblJan 3, 1994 – Dec 30, 1994Dec 30, 1994
U.S. Energy Information AdministrationRBRTE — Brent spot price FOB$/bblJan 4, 1994 – Dec 30, 1994Dec 30, 1994
U.S. Bureau of Labor StatisticsCUUR0000SA0 — CPI-U, all items, NSAindex, 1982–84=100monthly and annual averageSeptember 2026

Inflation adjustment: real = nominal × CPI-U(September 2026) ÷ CPI-U(period). Annual figures use the BLS annual average CPI-U; a year without one uses the mean of the months published so far.

Last updated: Oct 21, 2026, 5:27 PM CDT. Raw values are shown in source units; any conversion is labeled. See methodology and data sources.

Download:1994 daily prices (CSV)