Oil Prices in May 1994: WTI & Brent Daily Prices and Monthly Average
WTI averaged $17.89 per barrel in May 1994, up $1.47 (9.0%) from April 1994. A year earlier, in May 1993, it averaged $19.95, so the price was lower by $2.06 (10.3%) year over year.
Daily spot prices, May 1994
Chart data table (21 rows; WTI on 21, Brent on 20)
| Period | WTI | Brent |
|---|---|---|
| May 31, 1994 | $18.30 | $16.18 |
| May 27, 1994 | $18.02 | $16.08 |
| May 26, 1994 | $17.76 | $16.08 |
| May 25, 1994 | $17.83 | $16.33 |
| May 24, 1994 | $18.40 | $16.63 |
| May 23, 1994 | $18.69 | $16.63 |
| May 20, 1994 | $18.93 | $16.23 |
| May 19, 1994 | $18.49 | $16.15 |
| May 18, 1994 | $18.02 | $15.98 |
| May 17, 1994 | $17.61 | $15.83 |
| May 16, 1994 | $17.99 | $16.23 |
| May 13, 1994 | $18.20 | $16.50 |
| May 12, 1994 | $18.27 | $16.25 |
| May 11, 1994 | $17.84 | $16.10 |
| May 10, 1994 | $17.62 | $16.25 |
| May 9, 1994 | $17.72 | $16.33 |
| May 6, 1994 | $17.74 | $16.25 |
| May 5, 1994 | $17.28 | $15.85 |
| May 4, 1994 | $16.85 | $15.95 |
| May 3, 1994 | $16.93 | $15.93 |
| May 2, 1994 | $17.18 | — |
Prices rose over the month, from $17.18 on May 2, 1994 to $18.30 on May 31, 1994.
Brent averaged $16.19, on matched dates $1.74 below WTI on average across 20 dates.
Among the 41 May averages EIA has published, 1994's ranks 5th lowest. Within 1994 it ranks 5th highest of the 12 monthly averages. The high was $18.93 on May 20, 1994 and the low $16.85 on May 4, 1994. In October 2026 dollars (CPI-U), the average equals $40.94 and the high of $18.93 equals $43.32.
May 1994 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $17.89 | $16.19 |
| Change vs April 1994 | +$1.47 | +$0.96 |
| Change vs May 1993 | −$2.06 | −$2.32 |
| Highest daily price | $18.93 May 20, 1994 | $16.63 May 23, 1994 |
| Lowest daily price | $16.85 May 4, 1994 | $15.83 May 17, 1994 |
| Published daily observations | 21 | 20 |
| Average in October 2026 dollars (CPI-U) | $40.94 | $37.05 |
Monthly averages are EIA's published figures. Real figures use CPI-U for May 1994.
May in other years
| Year | WTI average | vs May 1994 | Real |
|---|---|---|---|
| 2026 | $102.13 | +470.9% | $102.86 |
| 2025 | $62.17 | +247.5% | $65.27 |
| 2024 | $80.02 | +347.3% | $85.99 |
| 2023 | $71.58 | +300.1% | $79.44 |
| 2022 | $109.55 | +512.4% | $126.50 |
| 2021 | $65.17 | +264.3% | $81.71 |
| 2020 | $28.56 | +59.6% | $37.60 |
| 2019 | $60.83 | +240.0% | $80.17 |
| 2018 | $69.98 | +291.2% | $93.88 |
| 2017 | $48.48 | +171.0% | $66.86 |
| 2016 | $46.71 | +161.1% | $65.63 |
| 2015 | $59.27 | +231.3% | $84.12 |
| 2014 | $102.18 | +471.2% | $144.96 |
| 2013 | $94.51 | +428.3% | $136.93 |
| 2012 | $94.66 | +429.1% | $139.02 |
| 2011 | $100.90 | +464.0% | $150.71 |
| 2010 | $73.74 | +312.2% | $114.07 |
| 2009 | $59.03 | +230.0% | $93.16 |
| 2008 | $125.40 | +601.0% | $195.37 |
| 2007 | $63.46 | +254.7% | $103.00 |
| 2006 | $70.84 | +296.0% | $118.07 |
| 2005 | $49.83 | +178.5% | $86.51 |
| 2004 | $40.28 | +125.2% | $71.89 |
| 2003 | $28.11 | +57.1% | $51.70 |
| 2002 | $27.04 | +51.1% | $50.76 |
| 2001 | $28.63 | +60.0% | $54.38 |
| 2000 | $28.79 | +60.9% | $56.66 |
| 1999 | $17.72 | −1.0% | $35.98 |
| 1998 | $14.91 | −16.7% | $30.91 |
| 1997 | $20.82 | +16.4% | $43.89 |
| 1996 | $21.17 | +18.3% | $45.63 |
| 1995 | $19.74 | +10.3% | $43.77 |
| 1994 | $17.89 | — | $40.94 |
| 1993 | $19.95 | +11.5% | $46.69 |
| 1992 | $20.98 | +17.3% | $50.69 |
| 1991 | $21.23 | +18.7% | $52.84 |
| 1990 | $18.20 | +1.7% | $47.54 |
| 1989 | $20.12 | +12.5% | $54.85 |
| 1988 | $17.42 | −2.6% | $50.04 |
| 1987 | $19.44 | +8.7% | $58.01 |
| 1986 | $15.38 | −14.0% | $47.67 |
“—” 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 May 1994.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | May 2, 1994 – May 31, 1994 | May 31, 1994 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | May 3, 1994 – May 31, 1994 | May 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)