Oil Prices in July 1994: WTI & Brent Daily Prices and Monthly Average
At $19.66 per barrel, July 1994's WTI average was the highest monthly average in nominal terms since May 1993, up $0.60 (3.1%) from June 1994. A year earlier, in July 1993, it averaged $17.89, so the price was higher by $1.77 (9.9%) year over year.
Daily spot prices, July 1994
Chart data table (21 rows; WTI on 20, Brent on 21)
| Period | WTI | Brent |
|---|---|---|
| Jul 29, 1994 | $20.30 | $18.48 |
| Jul 28, 1994 | $19.87 | $18.00 |
| Jul 27, 1994 | $19.46 | $17.83 |
| Jul 26, 1994 | $19.26 | $17.43 |
| Jul 25, 1994 | $19.42 | $17.35 |
| Jul 22, 1994 | $19.59 | $17.58 |
| Jul 21, 1994 | $19.32 | $17.45 |
| Jul 20, 1994 | $19.15 | $17.35 |
| Jul 19, 1994 | $19.49 | $17.20 |
| Jul 18, 1994 | $19.38 | $17.50 |
| Jul 15, 1994 | $19.89 | $18.15 |
| Jul 14, 1994 | $20.18 | $18.33 |
| Jul 13, 1994 | $20.14 | $18.25 |
| Jul 12, 1994 | $20.40 | $18.25 |
| Jul 11, 1994 | $20.17 | $17.48 |
| Jul 8, 1994 | $19.48 | $17.00 |
| Jul 7, 1994 | $19.15 | $16.78 |
| Jul 6, 1994 | $19.30 | $16.90 |
| Jul 5, 1994 | $19.62 | $17.13 |
| Jul 4, 1994 | — | $17.50 |
| Jul 1, 1994 | $19.52 | $17.65 |
Prices dipped to $19.15 on Jul 7, 1994, then climbed to $20.40 on Jul 12, 1994 and ended at $20.30.
Brent averaged $17.60, on matched dates $2.05 below WTI on average across 20 dates.
Among the 41 July averages EIA has published, 1994's ranks 8th lowest, tied with 1997. Within 1994 it ranks the highest of the 12 monthly averages. In October 2026 dollars (CPI-U), the average equals $44.71 and the high of $20.40 equals $46.40.
July 1994 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $19.66 | $17.60 |
| Change vs June 1994 | +$0.60 | +$0.84 |
| Change vs July 1993 | +$1.77 | +$0.82 |
| Highest daily price | $20.40 Jul 12, 1994 | $18.48 Jul 29, 1994 |
| Lowest daily price | $19.15 Jul 7, 1994 | $16.78 Jul 7, 1994 |
| Published daily observations | 20 | 21 |
| Average in October 2026 dollars (CPI-U) | $44.71 | $40.03 |
Monthly averages are EIA's published figures. Real figures use CPI-U for July 1994.
July in other years
| Year | WTI average | vs July 1994 | Real |
|---|---|---|---|
| 2026 | $80.46 | +309.3% | $81.33 |
| 2025 | $68.39 | +247.9% | $71.45 |
| 2024 | $81.80 | +316.1% | $87.77 |
| 2023 | $76.07 | +286.9% | $83.99 |
| 2022 | $101.62 | +416.9% | $115.76 |
| 2021 | $72.49 | +268.7% | $89.62 |
| 2020 | $40.71 | +107.1% | $53.03 |
| 2019 | $57.35 | +191.7% | $75.44 |
| 2018 | $70.98 | +261.0% | $95.06 |
| 2017 | $46.63 | +137.2% | $64.29 |
| 2016 | $44.65 | +127.1% | $62.63 |
| 2015 | $50.90 | +158.9% | $71.98 |
| 2014 | $103.59 | +426.9% | $146.75 |
| 2013 | $104.67 | +432.4% | $151.23 |
| 2012 | $87.90 | +347.1% | $129.49 |
| 2011 | $97.30 | +394.9% | $145.36 |
| 2010 | $76.32 | +288.2% | $118.15 |
| 2009 | $64.15 | +226.3% | $100.54 |
| 2008 | $133.37 | +578.4% | $204.64 |
| 2007 | $74.12 | +277.0% | $120.10 |
| 2006 | $74.41 | +278.5% | $123.41 |
| 2005 | $59.00 | +200.1% | $101.91 |
| 2004 | $40.78 | +107.4% | $72.67 |
| 2003 | $30.76 | +56.5% | $56.45 |
| 2002 | $26.97 | +37.2% | $50.54 |
| 2001 | $26.43 | +34.4% | $50.26 |
| 2000 | $29.70 | +51.1% | $58.01 |
| 1999 | $20.10 | +2.2% | $40.70 |
| 1998 | $14.17 | −27.9% | $29.30 |
| 1997 | $19.66 | 0.0% | $41.34 |
| 1996 | $21.30 | +8.3% | $45.79 |
| 1995 | $17.33 | −11.9% | $38.35 |
| 1994 | $19.66 | — | $44.71 |
| 1993 | $17.89 | −9.0% | $41.81 |
| 1992 | $21.78 | +10.8% | $52.32 |
| 1991 | $21.40 | +8.9% | $53.03 |
| 1990 | $18.45 | −6.2% | $47.75 |
| 1989 | $19.78 | +0.6% | $53.67 |
| 1988 | $15.50 | −21.2% | $44.15 |
| 1987 | $21.34 | +8.5% | $63.29 |
| 1986 | $11.59 | −41.0% | $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 1994.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Jul 1, 1994 – Jul 29, 1994 | Jul 29, 1994 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Jul 1, 1994 – Jul 29, 1994 | Jul 29, 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)