Oil Prices in 1994: WTI & Brent History and Monthly Averages
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
| Month | WTI avg | WTI high | WTI low | Brent avg | Brent − 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
| Measure | WTI | Brent | Brent − 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 observations | 252 | 252 | 247 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)
| Date | WTI | Brent | Brent − 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
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB | $/bbl | Jan 3, 1994 – Dec 30, 1994 | Dec 30, 1994 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB | $/bbl | Jan 4, 1994 – Dec 30, 1994 | Dec 30, 1994 |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly and annual average | September 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)