Oil Prices in January 1994: WTI & Brent Daily Prices and Monthly Average
WTI averaged $15.03 per barrel in January 1994, up $0.51 (3.5%) from December 1993. A year earlier, in January 1993, it averaged $19.03, so the price was lower by $4.00 (21.0%) year over year.
Daily spot prices, January 1994
Chart data table (21 rows; WTI on 21, Brent on 20)
| Period | WTI | Brent |
|---|---|---|
| Jan 31, 1994 | $15.24 | $14.83 |
| Jan 28, 1994 | $15.37 | $14.65 |
| Jan 27, 1994 | $15.48 | $14.78 |
| Jan 26, 1994 | $15.50 | $14.80 |
| Jan 25, 1994 | $15.26 | $14.63 |
| Jan 24, 1994 | $15.09 | $14.35 |
| Jan 21, 1994 | $14.85 | $14.23 |
| Jan 20, 1994 | $14.95 | $14.10 |
| Jan 19, 1994 | $15.25 | $14.25 |
| Jan 18, 1994 | $14.92 | $14.10 |
| Jan 17, 1994 | $15.15 | $14.40 |
| Jan 14, 1994 | $14.81 | $14.10 |
| Jan 13, 1994 | $14.56 | $13.75 |
| Jan 12, 1994 | $14.36 | $13.90 |
| Jan 11, 1994 | $14.95 | $14.10 |
| Jan 10, 1994 | $14.65 | $14.15 |
| Jan 7, 1994 | $15.33 | $14.63 |
| Jan 6, 1994 | $15.36 | $14.55 |
| Jan 5, 1994 | $15.30 | $14.10 |
| Jan 4, 1994 | $14.66 | $13.43 |
| Jan 3, 1994 | $14.52 | — |
Prices dipped to $14.36 on Jan 12, 1994, then climbed to $15.50 on Jan 26, 1994 and ended at $15.24. The largest one-day move was −$0.68 on Jan 10, 1994 (−4.4%).
Brent averaged $14.29, within a dollar of WTI on average across the 20 dates when both were published.
Among the 41 January averages EIA has published, 1994's ranks 2nd lowest. Within 1994 it ranks 3rd lowest of the 12 monthly averages. In October 2026 dollars (CPI-U), the average equals $34.70 and the high of $15.50 equals $35.78.
January 1994 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $15.03 | $14.29 |
| Change vs December 1993 | +$0.51 | +$0.56 |
| Change vs January 1993 | −$4.00 | −$3.10 |
| Highest daily price | $15.50 Jan 26, 1994 | $14.83 Jan 31, 1994 |
| Lowest daily price | $14.36 Jan 12, 1994 | $13.43 Jan 4, 1994 |
| Published daily observations | 21 | 20 |
| Average in October 2026 dollars (CPI-U) | $34.70 | $32.99 |
Monthly averages are EIA's published figures. Real figures use CPI-U for January 1994.
January in other years
| Year | WTI average | vs January 1994 | Real |
|---|---|---|---|
| 2026 | $60.04 | +299.5% | $62.30 |
| 2025 | $75.74 | +403.9% | $80.47 |
| 2024 | $74.15 | +393.3% | $81.14 |
| 2023 | $78.12 | +419.8% | $88.13 |
| 2022 | $83.22 | +453.7% | $99.90 |
| 2021 | $52.00 | +246.0% | $67.09 |
| 2020 | $57.52 | +282.7% | $75.26 |
| 2019 | $51.38 | +241.8% | $68.89 |
| 2018 | $63.70 | +323.8% | $86.74 |
| 2017 | $52.50 | +249.3% | $72.97 |
| 2016 | $31.68 | +110.8% | $45.13 |
| 2015 | $47.22 | +214.2% | $68.19 |
| 2014 | $94.62 | +529.5% | $136.52 |
| 2013 | $94.76 | +530.5% | $138.89 |
| 2012 | $100.27 | +567.1% | $149.31 |
| 2011 | $89.17 | +493.3% | $136.66 |
| 2010 | $78.33 | +421.2% | $122.01 |
| 2009 | $41.71 | +177.5% | $66.67 |
| 2008 | $92.97 | +518.6% | $148.66 |
| 2007 | $54.51 | +262.7% | $90.89 |
| 2006 | $65.49 | +335.7% | $111.47 |
| 2005 | $46.84 | +211.6% | $82.90 |
| 2004 | $34.31 | +128.3% | $62.53 |
| 2003 | $32.95 | +119.2% | $61.21 |
| 2002 | $19.72 | +31.2% | $37.58 |
| 2001 | $29.59 | +96.9% | $57.04 |
| 2000 | $27.26 | +81.4% | $54.51 |
| 1999 | $12.52 | −16.7% | $25.72 |
| 1998 | $16.72 | +11.2% | $34.92 |
| 1997 | $25.13 | +67.2% | $53.31 |
| 1996 | $18.86 | +25.5% | $41.23 |
| 1995 | $18.04 | +20.0% | $40.51 |
| 1994 | $15.03 | — | $34.70 |
| 1993 | $19.03 | +26.6% | $45.04 |
| 1992 | $18.79 | +25.0% | $45.92 |
| 1991 | $25.23 | +67.9% | $63.26 |
| 1990 | $22.86 | +52.1% | $60.56 |
| 1989 | $18.02 | +19.9% | $50.22 |
| 1988 | $17.13 | +14.0% | $49.97 |
| 1987 | $18.65 | +24.1% | $56.61 |
| 1986 | $22.93 | +52.6% | $70.61 |
“—” 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 January 1994.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Jan 3, 1994 – Jan 31, 1994 | Jan 31, 1994 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Jan 4, 1994 – Jan 31, 1994 | Jan 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)