Oil Prices in August 1998: WTI & Brent Daily Prices and Monthly Average
At $13.47 per barrel, August 1998's WTI average was the lowest monthly average in nominal terms since July 1986, down $0.70 (4.9%) from July 1998. The average was 32% below the $19.95 of August 1997.
Daily spot prices, August 1998
Chart data table (21 rows; WTI on 21, Brent on 20)
| Period | WTI | Brent |
|---|---|---|
| Aug 31, 1998 | $13.29 | — |
| Aug 28, 1998 | $13.54 | $12.06 |
| Aug 27, 1998 | $13.35 | $11.90 |
| Aug 26, 1998 | $13.67 | $12.24 |
| Aug 25, 1998 | $13.90 | $12.43 |
| Aug 24, 1998 | $13.78 | $12.15 |
| Aug 21, 1998 | $13.44 | $12.02 |
| Aug 20, 1998 | $13.62 | $12.21 |
| Aug 19, 1998 | $13.21 | $11.99 |
| Aug 18, 1998 | $13.13 | $11.87 |
| Aug 17, 1998 | $13.26 | $11.93 |
| Aug 14, 1998 | $13.40 | $11.46 |
| Aug 13, 1998 | $13.44 | $11.48 |
| Aug 12, 1998 | $12.76 | $11.24 |
| Aug 11, 1998 | $12.87 | $11.16 |
| Aug 10, 1998 | $13.11 | $11.62 |
| Aug 7, 1998 | $13.85 | $12.05 |
| Aug 6, 1998 | $13.87 | $12.08 |
| Aug 5, 1998 | $13.80 | $12.32 |
| Aug 4, 1998 | $13.69 | $12.03 |
| Aug 3, 1998 | $13.93 | $12.04 |
The month's range ran from $12.76 on Aug 12, 1998 to $13.93 on Aug 3, 1998; the last price was $13.29 on Aug 31, 1998. The largest one-day move was −$0.74 on Aug 10, 1998 (−5.3%).
Brent averaged $11.91, on matched dates $1.57 below WTI on average across 20 dates.
Among the 41 August averages EIA has published, 1998's ranks the lowest. Within 1998 it ranks 3rd lowest of the 12 monthly averages. WTI moved 5% or more from the previous published price on 2 days. In October 2026 dollars (CPI-U), the average equals $27.82 and the high of $13.93 equals $28.77.
August 1998 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $13.47 | $11.91 |
| Change vs July 1998 | −$0.70 | −$0.17 |
| Change vs August 1997 | −$6.48 | −$6.69 |
| Highest daily price | $13.93 Aug 3, 1998 | $12.43 Aug 25, 1998 |
| Lowest daily price | $12.76 Aug 12, 1998 | $11.16 Aug 11, 1998 |
| Published daily observations | 21 | 20 |
| Average in October 2026 dollars (CPI-U) | $27.82 | $24.60 |
Monthly averages are EIA's published figures. Real figures use CPI-U for August 1998.
August in other years
| Year | WTI average | vs August 1998 | Real |
|---|---|---|---|
| 2026 | $83.90 | +522.9% | $84.53 |
| 2025 | $64.86 | +381.5% | $67.57 |
| 2024 | $76.68 | +469.3% | $82.21 |
| 2023 | $81.39 | +504.2% | $89.47 |
| 2022 | $93.67 | +595.4% | $106.74 |
| 2021 | $67.70 | +402.6% | $83.52 |
| 2020 | $42.34 | +214.3% | $54.98 |
| 2019 | $54.81 | +306.9% | $72.10 |
| 2018 | $68.06 | +405.3% | $91.10 |
| 2017 | $48.04 | +256.6% | $66.04 |
| 2016 | $44.72 | +232.0% | $62.67 |
| 2015 | $42.87 | +218.3% | $60.71 |
| 2014 | $96.54 | +616.7% | $136.99 |
| 2013 | $106.57 | +691.2% | $153.79 |
| 2012 | $94.13 | +598.8% | $137.90 |
| 2011 | $86.33 | +540.9% | $128.62 |
| 2010 | $76.60 | +468.7% | $118.42 |
| 2009 | $71.05 | +427.5% | $111.10 |
| 2008 | $116.67 | +766.1% | $179.73 |
| 2007 | $72.36 | +437.2% | $117.46 |
| 2006 | $73.04 | +442.2% | $120.90 |
| 2005 | $64.99 | +382.5% | $111.68 |
| 2004 | $44.90 | +233.3% | $79.97 |
| 2003 | $31.57 | +134.4% | $57.72 |
| 2002 | $28.39 | +110.8% | $53.03 |
| 2001 | $27.37 | +103.2% | $52.04 |
| 2000 | $31.26 | +132.1% | $61.06 |
| 1999 | $21.28 | +58.0% | $42.98 |
| 1998 | $13.47 | — | $27.82 |
| 1997 | $19.95 | +48.1% | $41.87 |
| 1996 | $21.90 | +62.6% | $46.99 |
| 1995 | $18.02 | +33.8% | $39.78 |
| 1994 | $18.38 | +36.5% | $41.63 |
| 1993 | $18.01 | +33.7% | $41.98 |
| 1992 | $21.34 | +58.4% | $51.12 |
| 1991 | $21.69 | +61.0% | $53.59 |
| 1990 | $27.31 | +102.7% | $70.04 |
| 1989 | $18.58 | +37.9% | $50.33 |
| 1988 | $15.52 | +15.2% | $44.02 |
| 1987 | $20.31 | +50.8% | $59.92 |
| 1986 | $15.10 | +12.1% | $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 1998.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Aug 3, 1998 – Aug 31, 1998 | Aug 31, 1998 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Aug 3, 1998 – Aug 28, 1998 | Aug 28, 1998 |
| 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:1998 daily prices (CSV)