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Oil Prices in 1998: WTI & Brent History and Monthly Averages

WTI average
$14.42
EIA annual average
WTI vs prior year
−30.0%
1997: $20.61
Brent average
$12.76
EIA annual average
Brent vs prior year
−33.2%
1997: $19.11

Brent's lowest daily price on record, $9.10, came on Dec 10, 1998. WTI averaged $14.42 per barrel in 1998, down $6.19 (30.0%) from 1997; that was the lowest annual average since EIA's WTI series began in 1986.

Monthly average prices in 1998

Monthly averages and daily ranges, 1998 ($/bbl)
MonthWTI avgWTI highWTI lowBrent avgBrent − WTI (matched dates)WTI (September 2026 $)Brent (September 2026 $)
January$16.72$17.93$15.65$15.19−$1.55$34.86$31.67
February$16.06$17.07$15.14$14.07−$1.96$33.42$29.28
March$15.12$16.92$13.41$13.10−$2.01$31.41$27.21
April$15.35$16.08$13.09$13.53−$1.83$31.83$28.05
May$14.91$16.25$13.01$14.36−$0.49$30.86$29.72
June$13.72$15.24$11.69$12.21−$1.52$28.36$25.24
July$14.17$14.90$13.44$12.08−$2.08$29.26$24.94
August$13.47$13.93$12.76$11.91−$1.57$27.78$24.56
September$15.03$16.19$13.62$13.34−$1.65$30.95$27.47
October$14.46$15.71$13.39$12.70−$1.76$29.71$26.09
November$13.00$14.45$10.86$11.04−$1.92$26.71$22.68
December$11.35$12.55$10.82$9.82−$1.51$23.33$20.19

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.

The price moved by 5% or more in a single day 29 times. The steepest fall within the year ran from $17.93 on Jan 29, 1998 to $10.82 on Dec 10, 1998, a 40% drop. From $11.69 on Jun 15, 1998, WTI climbed to $16.19 by Sep 30, 1998, a 38% gain. The price finished the year 30% below its first 1998 close of $17.41.

Brent traded below WTI throughout 1998: its monthly average was lower in every month, and on the 247 matched dates it averaged $1.66 less. Brent averaged $12.76, down $6.35 (33.2%) from 1997.

Monthly averages peaked early, at $16.72 in January, and bottomed at $11.35 in December. In September 2026 dollars (CPI-U), the 1998 average is $29.81, lower than 2025's real average by $38.63 (56.4%). The 1990s as a whole averaged $19.70, so 1998 ran below its decade. Of 40 complete years with an EIA annual average, 1998 ranks lowest.

1998 summary statistics

MeasureWTIBrentBrent − WTI
Average$14.42$12.76−$1.66
Change vs 1997 average−$6.19−$6.35−$0.17
Highest daily price$17.93 Jan 29, 1998$16.28 Jan 29, 1998—
Lowest daily price$10.82 Dec 10, 1998$9.10 Dec 10, 1998—
Highest daily spread——+$1.86 May 19, 1998
Lowest daily spread——−$3.11 Jul 15, 1998
First observation$17.41 Jan 2, 1998$15.77 Jan 2, 1998—
Last observation$12.14 Dec 31, 1998$10.54 Dec 31, 1998—
Published daily observations251253247 matched
Average in September 2026 dollars$29.81$26.38—

Daily spot prices in 1998

Show all 257 dates (Jan 2, 1998 – Dec 31, 1998)
DateWTIBrentBrent − WTI
Jan 2, 1998$17.41$15.77−$1.64
Jan 5, 1998$16.95$15.29−$1.66
Jan 6, 1998$16.64$15.48−$1.16
Jan 7, 1998$16.91$15.33−$1.58
Jan 8, 1998$17.01$15.47−$1.54
Jan 9, 1998$16.65$15.33−$1.32
Jan 12, 1998$16.53$15.07−$1.46
Jan 13, 1998$16.44$15.08−$1.36
Jan 14, 1998$16.54$14.81−$1.73
Jan 15, 1998$16.35$14.75−$1.60
Jan 16, 1998$16.48$14.89−$1.59
Jan 19, 1998—$15.38—
Jan 20, 1998$16.43$14.95−$1.48
Jan 21, 1998$16.05$14.67−$1.38
Jan 22, 1998$15.93$14.35−$1.58
Jan 23, 1998$15.65$14.26−$1.39
Jan 26, 1998$16.96$14.79−$2.17
Jan 27, 1998$17.06$15.74−$1.32
Jan 28, 1998$17.35$15.64−$1.71
Jan 29, 1998$17.93$16.28−$1.65
Jan 30, 1998$17.21$15.59−$1.62
Feb 2, 1998$17.07$15.28−$1.79
Feb 3, 1998$16.43$14.87−$1.56
Feb 4, 1998$16.42$14.56−$1.86
Feb 5, 1998$16.63$14.83−$1.80
Feb 6, 1998$16.72$15.05−$1.67
Feb 9, 1998$16.59$14.77−$1.82
Feb 10, 1998$16.48$14.60−$1.88
Feb 11, 1998$16.17$14.35−$1.82
Feb 12, 1998$15.97$14.04−$1.93
Feb 13, 1998$16.03$14.05−$1.98
Feb 16, 1998—$13.50—
Feb 17, 1998$15.64$13.50−$2.14
Feb 18, 1998$16.24$13.46−$2.78
Feb 19, 1998$16.12$14.02−$2.10
Feb 20, 1998$16.13$13.91−$2.22
Feb 23, 1998$15.23$13.26−$1.97
Feb 24, 1998$15.14$13.08−$2.06
Feb 25, 1998$15.28$13.35−$1.93
Feb 26, 1998$15.41$13.38−$2.03
Feb 27, 1998$15.44$13.53−$1.91
Mar 2, 1998$15.32$13.37−$1.95
Mar 3, 1998$15.28$13.18−$2.10
Mar 4, 1998$15.33$13.09−$2.24
Mar 5, 1998$15.34$13.18−$2.16
Mar 6, 1998$14.90$12.85−$2.05
Mar 9, 1998$14.58$12.24−$2.34
Mar 10, 1998$14.54$12.36−$2.18
Mar 11, 1998$14.30$12.41−$1.89
Mar 12, 1998$14.40$12.30−$2.10
Mar 13, 1998$14.19$12.25−$1.94
Mar 16, 1998$13.41$11.74−$1.67
Mar 17, 1998$13.67$11.05−$2.62
Mar 18, 1998$14.36$12.21−$2.15
Mar 19, 1998$14.43$12.41−$2.02
Mar 20, 1998$14.31$12.35−$1.96
Mar 23, 1998$16.14$14.53−$1.61
Mar 24, 1998$15.52$14.02−$1.50
Mar 25, 1998$16.69$14.41−$2.28
Mar 26, 1998$16.92$15.18−$1.74
Mar 27, 1998$16.84$14.92−$1.92
Mar 30, 1998$16.32$14.35−$1.97
Mar 31, 1998$15.75$13.87−$1.88
Apr 1, 1998$15.69$13.72−$1.97
Apr 2, 1998$16.04$13.38−$2.66
Apr 3, 1998$16.08$13.63−$2.45
Apr 6, 1998$15.48$13.13−$2.35
Apr 7, 1998$15.39$12.82−$2.57
Apr 8, 1998$15.71$12.79−$2.92
Apr 9, 1998$15.61$13.23−$2.38
Apr 13, 1998$15.35——
Apr 14, 1998$15.18$13.15−$2.03
Apr 15, 1998$15.64$13.31−$2.33
Apr 16, 1998$15.97$13.68−$2.29
Apr 17, 1998$15.49$14.06−$1.43
Apr 20, 1998$15.52$13.82−$1.70
Apr 21, 1998$15.57$13.95−$1.62
Apr 22, 1998$15.07$13.71−$1.36
Apr 23, 1998$13.09$13.42+$0.33
Apr 24, 1998$13.23$13.32+$0.09
Apr 27, 1998$15.43$13.65−$1.78
Apr 28, 1998$15.90$13.88−$2.02
Apr 29, 1998$15.43$14.09−$1.34
Apr 30, 1998$15.56$13.79−$1.77
May 1, 1998$16.25$14.60−$1.65
May 4, 1998$15.98——
May 5, 1998$15.48$14.13−$1.35
May 6, 1998$15.45$13.91−$1.54
May 7, 1998$15.26$13.81−$1.45
May 8, 1998$15.21$13.94−$1.27
May 11, 1998$15.26$14.41−$0.85
May 12, 1998$15.21$14.75−$0.46
May 13, 1998$15.01$14.15−$0.86
May 14, 1998$15.15$14.29−$0.86
May 15, 1998$14.51$14.33−$0.18
May 18, 1998$14.15$14.72+$0.57
May 19, 1998$13.01$14.87+$1.86
May 20, 1998$13.36$14.58+$1.22
May 21, 1998$14.21$14.29+$0.08
May 22, 1998$14.81$14.33−$0.48
May 26, 1998$14.90$14.27−$0.63
May 27, 1998$14.98$14.78−$0.20
May 28, 1998$14.88$14.71−$0.17
May 29, 1998$15.21$14.03−$1.18
Jun 1, 1998$14.99$13.66−$1.33
Jun 2, 1998$14.81$13.62−$1.19
Jun 3, 1998$14.94$13.23−$1.71
Jun 4, 1998$15.24$13.71−$1.53
Jun 5, 1998$15.13$13.95−$1.18
Jun 8, 1998$14.49$13.56−$0.93
Jun 9, 1998$13.76$12.76−$1.00
Jun 10, 1998$13.54$12.23−$1.31
Jun 11, 1998$12.67$12.12−$0.55
Jun 12, 1998$12.66$11.62−$1.04
Jun 15, 1998$11.69$10.77−$0.92
Jun 16, 1998$12.38$10.77−$1.61
Jun 17, 1998$12.55$11.30−$1.25
Jun 18, 1998$11.80$10.88−$0.92
Jun 19, 1998$11.80$10.89−$0.91
Jun 22, 1998$13.54$11.23−$2.31
Jun 23, 1998$14.65$12.09−$2.56
Jun 24, 1998$14.54$12.50−$2.04
Jun 25, 1998$13.90$11.94−$1.96
Jun 26, 1998$14.21$12.04−$2.17
Jun 29, 1998$14.29$11.83−$2.46
Jun 30, 1998$14.30$11.84−$2.46
Jul 1, 1998$14.47$11.93−$2.54
Jul 2, 1998$14.58$11.95−$2.63
Jul 3, 1998—$11.79—
Jul 6, 1998$13.87$11.70−$2.17
Jul 7, 1998$13.83$11.66−$2.17
Jul 8, 1998$14.01$11.71−$2.30
Jul 9, 1998$14.01$11.61−$2.40
Jul 10, 1998$13.96$11.61−$2.35
Jul 13, 1998$14.06$11.56−$2.50
Jul 14, 1998$14.87$11.83−$3.04
Jul 15, 1998$14.90$11.79−$3.11
Jul 16, 1998$14.54$12.65−$1.89
Jul 17, 1998$14.02$12.38−$1.64
Jul 20, 1998$13.44$12.11−$1.33
Jul 21, 1998$13.83$12.01−$1.82
Jul 22, 1998$14.29$12.21−$2.08
Jul 23, 1998$13.97$12.23−$1.74
Jul 24, 1998$13.93$12.05−$1.88
Jul 27, 1998$14.37$12.53−$1.84
Jul 28, 1998$14.20$12.74−$1.46
Jul 29, 1998$14.13$12.60−$1.53
Jul 30, 1998$14.25$12.55−$1.70
Jul 31, 1998$14.27$12.63−$1.64
Aug 3, 1998$13.93$12.04−$1.89
Aug 4, 1998$13.69$12.03−$1.66
Aug 5, 1998$13.80$12.32−$1.48
Aug 6, 1998$13.87$12.08−$1.79
Aug 7, 1998$13.85$12.05−$1.80
Aug 10, 1998$13.11$11.62−$1.49
Aug 11, 1998$12.87$11.16−$1.71
Aug 12, 1998$12.76$11.24−$1.52
Aug 13, 1998$13.44$11.48−$1.96
Aug 14, 1998$13.40$11.46−$1.94
Aug 17, 1998$13.26$11.93−$1.33
Aug 18, 1998$13.13$11.87−$1.26
Aug 19, 1998$13.21$11.99−$1.22
Aug 20, 1998$13.62$12.21−$1.41
Aug 21, 1998$13.44$12.02−$1.42
Aug 24, 1998$13.78$12.15−$1.63
Aug 25, 1998$13.90$12.43−$1.47
Aug 26, 1998$13.67$12.24−$1.43
Aug 27, 1998$13.35$11.90−$1.45
Aug 28, 1998$13.54$12.06−$1.48
Aug 31, 1998$13.29——
Sep 1, 1998$13.62$12.11−$1.51
Sep 2, 1998$13.72$12.05−$1.67
Sep 3, 1998$14.70$12.54−$2.16
Sep 4, 1998$14.59$12.96−$1.63
Sep 7, 1998—$12.51—
Sep 8, 1998$14.34$12.53−$1.81
Sep 9, 1998$14.37$12.53−$1.84
Sep 10, 1998$14.71$12.82−$1.89
Sep 11, 1998$14.39$12.66−$1.73
Sep 14, 1998$14.46$12.47−$1.99
Sep 15, 1998$14.72$12.61−$2.11
Sep 16, 1998$14.60$12.65−$1.95
Sep 17, 1998$15.07$12.97−$2.10
Sep 18, 1998$15.53$13.92−$1.61
Sep 21, 1998$15.58$14.31−$1.27
Sep 22, 1998$15.73$14.36−$1.37
Sep 23, 1998$15.80$14.67−$1.13
Sep 24, 1998$15.99$14.84−$1.15
Sep 25, 1998$15.80$14.55−$1.25
Sep 28, 1998$15.74$14.41−$1.33
Sep 29, 1998$16.01$14.38−$1.63
Sep 30, 1998$16.19$14.71−$1.48
Oct 1, 1998$15.52$14.46−$1.06
Oct 2, 1998$15.71$14.21−$1.50
Oct 5, 1998$15.24$14.10−$1.14
Oct 6, 1998$15.60$13.98−$1.62
Oct 7, 1998$15.03$13.88−$1.15
Oct 8, 1998$14.57$13.23−$1.34
Oct 9, 1998$14.64$12.87−$1.77
Oct 12, 1998$14.47$13.18−$1.29
Oct 13, 1998$14.27$12.73−$1.54
Oct 14, 1998$14.09$12.26−$1.83
Oct 15, 1998$14.08$11.98−$2.10
Oct 16, 1998$14.16$12.11−$2.05
Oct 19, 1998$13.39$11.60−$1.79
Oct 20, 1998$13.45$11.29−$2.16
Oct 21, 1998$14.14$11.94−$2.20
Oct 22, 1998$14.00$11.68−$2.32
Oct 23, 1998$14.06$12.18−$1.88
Oct 26, 1998$14.39$12.74−$1.65
Oct 27, 1998$14.19$12.46−$1.73
Oct 28, 1998$14.35$12.26−$2.09
Oct 29, 1998$14.31$12.31−$2.00
Oct 30, 1998$14.48$12.00−$2.48
Nov 2, 1998$14.45$12.43−$2.02
Nov 3, 1998$14.24$11.93−$2.31
Nov 4, 1998$14.09$11.88−$2.21
Nov 5, 1998$13.93$11.73−$2.20
Nov 6, 1998$13.93$11.51−$2.42
Nov 9, 1998$13.39$11.15−$2.24
Nov 10, 1998$13.54$11.18−$2.36
Nov 11, 1998$13.63$11.45−$2.18
Nov 12, 1998$14.04$11.56−$2.48
Nov 13, 1998$13.57$11.46−$2.11
Nov 16, 1998$12.81$11.10−$1.71
Nov 17, 1998$12.46$10.62−$1.84
Nov 18, 1998$12.33$10.25−$2.08
Nov 19, 1998$12.21$10.45−$1.76
Nov 20, 1998$12.20$10.40−$1.80
Nov 23, 1998$12.51$10.54−$1.97
Nov 24, 1998$11.48$10.58−$0.90
Nov 25, 1998$10.86$10.51−$0.35
Nov 26, 1998—$10.41—
Nov 27, 1998—$10.77—
Nov 30, 1998$11.37$9.91−$1.46
Dec 1, 1998$11.27$9.87−$1.40
Dec 2, 1998$11.31$9.71−$1.60
Dec 3, 1998$11.25$10.05−$1.20
Dec 4, 1998$11.20$9.73−$1.47
Dec 7, 1998$11.61$9.70−$1.91
Dec 8, 1998$11.33$9.68−$1.65
Dec 9, 1998$11.20$9.46−$1.74
Dec 10, 1998$10.82$9.10−$1.72
Dec 11, 1998$10.86$9.26−$1.60
Dec 14, 1998$11.30$9.45−$1.85
Dec 15, 1998$11.64$9.57−$2.07
Dec 16, 1998$12.55$10.87−$1.68
Dec 17, 1998$11.05$9.92−$1.13
Dec 18, 1998$10.95$9.62−$1.33
Dec 21, 1998$10.86$9.45−$1.41
Dec 22, 1998$10.99$9.83−$1.16
Dec 23, 1998$11.12$9.91−$1.21
Dec 24, 1998$11.03$9.91−$1.12
Dec 28, 1998$11.59——
Dec 29, 1998$11.82$10.23−$1.59
Dec 30, 1998$11.75$10.45−$1.30
Dec 31, 1998$12.14$10.54−$1.60

“—” means EIA published no price for that benchmark on that date.

Source and methodology

ProviderSeriesUnitsCoverageLatest observation
U.S. Energy Information AdministrationRWTC — WTI spot price FOB$/bblJan 2, 1998 – Dec 31, 1998Dec 31, 1998
U.S. Energy Information AdministrationRBRTE — Brent spot price FOB$/bblJan 2, 1998 – Dec 31, 1998Dec 31, 1998
U.S. Bureau of Labor StatisticsCUUR0000SA0 — CPI-U, all items, NSAindex, 1982–84=100monthly and annual averageSeptember 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:1998 daily prices (CSV)