Oil Prices in August 1994: WTI & Brent Daily Prices and Monthly Average
WTI averaged $18.38 per barrel in August 1994, down $1.28 (6.5%) from July 1994. It was within 3% of its level a year earlier ($18.01 in August 1993).
Daily spot prices, August 1994
Chart data table (23 rows; WTI on 23, Brent on 22)
| Period | WTI | Brent |
|---|---|---|
| Aug 31, 1994 | $17.60 | $16.03 |
| Aug 30, 1994 | $17.40 | $15.78 |
| Aug 29, 1994 | $17.62 | — |
| Aug 26, 1994 | $17.14 | $15.85 |
| Aug 25, 1994 | $17.49 | $15.75 |
| Aug 24, 1994 | $17.54 | $15.80 |
| Aug 23, 1994 | $17.09 | $15.30 |
| Aug 22, 1994 | $16.87 | $15.25 |
| Aug 19, 1994 | $17.56 | $16.13 |
| Aug 18, 1994 | $17.73 | $16.30 |
| Aug 17, 1994 | $18.08 | $16.28 |
| Aug 16, 1994 | $17.64 | $16.68 |
| Aug 15, 1994 | $18.24 | $16.75 |
| Aug 12, 1994 | $18.05 | $17.10 |
| Aug 11, 1994 | $18.67 | $17.50 |
| Aug 10, 1994 | $18.96 | $17.33 |
| Aug 9, 1994 | $19.29 | $17.68 |
| Aug 8, 1994 | $19.41 | $17.93 |
| Aug 5, 1994 | $19.37 | $17.78 |
| Aug 4, 1994 | $20.14 | $18.43 |
| Aug 3, 1994 | $20.06 | $18.48 |
| Aug 2, 1994 | $20.22 | $18.48 |
| Aug 1, 1994 | $20.65 | $19.03 |
Prices fell over the month, from $20.65 on Aug 1, 1994 to $17.60 on Aug 31, 1994, with declines on 14 of 23 trading days.
Brent averaged $16.89, on matched dates $1.53 below WTI on average across 22 dates.
Among the 41 August averages EIA has published, 1994's ranks 6th lowest. Within 1994 it ranks 3rd highest of the 12 monthly averages. The high was $20.65 on Aug 1, 1994 and the low $16.87 on Aug 22, 1994. In October 2026 dollars (CPI-U), the average equals $41.63 and the high of $20.65 equals $46.78.
August 1994 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $18.38 | $16.89 |
| Change vs July 1994 | −$1.28 | −$0.71 |
| Change vs August 1993 | +$0.37 | +$0.19 |
| Highest daily price | $20.65 Aug 1, 1994 | $19.03 Aug 1, 1994 |
| Lowest daily price | $16.87 Aug 22, 1994 | $15.25 Aug 22, 1994 |
| Published daily observations | 23 | 22 |
| Average in October 2026 dollars (CPI-U) | $41.63 | $38.26 |
Monthly averages are EIA's published figures. Real figures use CPI-U for August 1994.
August in other years
| Year | WTI average | vs August 1994 | Real |
|---|---|---|---|
| 2026 | $83.90 | +356.5% | $84.53 |
| 2025 | $64.86 | +252.9% | $67.57 |
| 2024 | $76.68 | +317.2% | $82.21 |
| 2023 | $81.39 | +342.8% | $89.47 |
| 2022 | $93.67 | +409.6% | $106.74 |
| 2021 | $67.70 | +268.3% | $83.52 |
| 2020 | $42.34 | +130.4% | $54.98 |
| 2019 | $54.81 | +198.2% | $72.10 |
| 2018 | $68.06 | +270.3% | $91.10 |
| 2017 | $48.04 | +161.4% | $66.04 |
| 2016 | $44.72 | +143.3% | $62.67 |
| 2015 | $42.87 | +133.2% | $60.71 |
| 2014 | $96.54 | +425.2% | $136.99 |
| 2013 | $106.57 | +479.8% | $153.79 |
| 2012 | $94.13 | +412.1% | $137.90 |
| 2011 | $86.33 | +369.7% | $128.62 |
| 2010 | $76.60 | +316.8% | $118.42 |
| 2009 | $71.05 | +286.6% | $111.10 |
| 2008 | $116.67 | +534.8% | $179.73 |
| 2007 | $72.36 | +293.7% | $117.46 |
| 2006 | $73.04 | +297.4% | $120.90 |
| 2005 | $64.99 | +253.6% | $111.68 |
| 2004 | $44.90 | +144.3% | $79.97 |
| 2003 | $31.57 | +71.8% | $57.72 |
| 2002 | $28.39 | +54.5% | $53.03 |
| 2001 | $27.37 | +48.9% | $52.04 |
| 2000 | $31.26 | +70.1% | $61.06 |
| 1999 | $21.28 | +15.8% | $42.98 |
| 1998 | $13.47 | −26.7% | $27.82 |
| 1997 | $19.95 | +8.5% | $41.87 |
| 1996 | $21.90 | +19.2% | $46.99 |
| 1995 | $18.02 | −2.0% | $39.78 |
| 1994 | $18.38 | — | $41.63 |
| 1993 | $18.01 | −2.0% | $41.98 |
| 1992 | $21.34 | +16.1% | $51.12 |
| 1991 | $21.69 | +18.0% | $53.59 |
| 1990 | $27.31 | +48.6% | $70.04 |
| 1989 | $18.58 | +1.1% | $50.33 |
| 1988 | $15.52 | −15.6% | $44.02 |
| 1987 | $20.31 | +10.5% | $59.92 |
| 1986 | $15.10 | −17.8% | $46.46 |
“—” 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 August 1994.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Aug 1, 1994 – Aug 31, 1994 | Aug 31, 1994 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Aug 1, 1994 – Aug 31, 1994 | Aug 31, 1994 |
| 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:1994 daily prices (CSV)