Oil Prices in December 1998: WTI & Brent Daily Prices and Monthly Average
WTI's monthly average fell to $11.35 in December 1998, down $1.65 (12.7%) from November 1998, the lowest monthly average in nominal terms since EIA's records began in 1986. The average was 38% below the $18.33 of December 1997.
Daily spot prices, December 1998
Chart data table (22 rows; WTI on 22, Brent on 21)
| Period | WTI | Brent |
|---|---|---|
| Dec 31, 1998 | $12.14 | $10.54 |
| Dec 30, 1998 | $11.75 | $10.45 |
| Dec 29, 1998 | $11.82 | $10.23 |
| Dec 28, 1998 | $11.59 | — |
| Dec 24, 1998 | $11.03 | $9.91 |
| Dec 23, 1998 | $11.12 | $9.91 |
| Dec 22, 1998 | $10.99 | $9.83 |
| Dec 21, 1998 | $10.86 | $9.45 |
| Dec 18, 1998 | $10.95 | $9.62 |
| Dec 17, 1998 | $11.05 | $9.92 |
| Dec 16, 1998 | $12.55 | $10.87 |
| Dec 15, 1998 | $11.64 | $9.57 |
| Dec 14, 1998 | $11.30 | $9.45 |
| Dec 11, 1998 | $10.86 | $9.26 |
| Dec 10, 1998 | $10.82 | $9.10 |
| Dec 9, 1998 | $11.20 | $9.46 |
| Dec 8, 1998 | $11.33 | $9.68 |
| Dec 7, 1998 | $11.61 | $9.70 |
| Dec 4, 1998 | $11.20 | $9.73 |
| Dec 3, 1998 | $11.25 | $10.05 |
| Dec 2, 1998 | $11.31 | $9.71 |
| Dec 1, 1998 | $11.27 | $9.87 |
Prices rose over the month, from $11.27 on Dec 1, 1998 to $12.14 on Dec 31, 1998. The largest one-day move was −$1.50 on Dec 17, 1998 (−12.0%).
Brent averaged $9.82, on matched dates $1.51 below WTI on average across 21 dates.
Among the 40 December averages EIA has published, 1998's ranks the lowest. Within 1998 it ranks the lowest of the 12 monthly averages. The high was $12.55 on Dec 16, 1998 and the low $10.82 on Dec 10, 1998. WTI moved 5% or more from the previous published price on 3 days. In October 2026 dollars (CPI-U), the average equals $23.37 and the high of $12.55 equals $25.84.
December 1998 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $11.35 | $9.82 |
| Change vs November 1998 | −$1.65 | −$1.22 |
| Change vs December 1997 | −$6.98 | −$7.36 |
| Highest daily price | $12.55 Dec 16, 1998 | $10.87 Dec 16, 1998 |
| Lowest daily price | $10.82 Dec 10, 1998 | $9.10 Dec 10, 1998 |
| Published daily observations | 22 | 21 |
| Average in October 2026 dollars (CPI-U) | $23.37 | $20.22 |
Monthly averages are EIA's published figures. Real figures use CPI-U for December 1998.
December in other years
| Year | WTI average | vs December 1998 | Real |
|---|---|---|---|
| 2025 | $57.97 | +410.7% | $60.38 |
| 2024 | $70.12 | +517.8% | $74.99 |
| 2023 | $71.90 | +533.5% | $79.11 |
| 2022 | $76.44 | +573.5% | $86.93 |
| 2021 | $71.71 | +531.8% | $86.81 |
| 2020 | $47.02 | +314.3% | $60.93 |
| 2019 | $59.88 | +427.6% | $78.65 |
| 2018 | $49.52 | +336.3% | $66.53 |
| 2017 | $57.88 | +410.0% | $79.24 |
| 2016 | $51.97 | +357.9% | $72.65 |
| 2015 | $37.19 | +227.7% | $53.07 |
| 2014 | $59.29 | +422.4% | $85.22 |
| 2013 | $97.63 | +760.2% | $141.39 |
| 2012 | $87.86 | +674.1% | $129.15 |
| 2011 | $98.56 | +768.4% | $147.40 |
| 2010 | $89.15 | +685.5% | $137.28 |
| 2009 | $74.47 | +556.1% | $116.39 |
| 2008 | $41.12 | +262.3% | $66.02 |
| 2007 | $91.69 | +707.8% | $147.34 |
| 2006 | $61.96 | +445.9% | $103.63 |
| 2005 | $59.41 | +423.4% | $101.89 |
| 2004 | $43.15 | +280.2% | $76.53 |
| 2003 | $32.13 | +183.1% | $58.84 |
| 2002 | $29.46 | +159.6% | $54.96 |
| 2001 | $19.39 | +70.8% | $37.04 |
| 2000 | $28.44 | +150.6% | $55.17 |
| 1999 | $26.10 | +130.0% | $52.34 |
| 1998 | $11.35 | — | $23.37 |
| 1997 | $18.33 | +61.5% | $38.35 |
| 1996 | $25.23 | +122.3% | $53.69 |
| 1995 | $19.03 | +67.7% | $41.84 |
| 1994 | $17.16 | +51.2% | $38.69 |
| 1993 | $14.52 | +27.9% | $33.61 |
| 1992 | $19.41 | +71.0% | $46.17 |
| 1991 | $19.50 | +71.8% | $47.73 |
| 1990 | $27.28 | +140.4% | $68.81 |
| 1989 | $21.10 | +85.9% | $56.47 |
| 1988 | $16.38 | +44.3% | $45.88 |
| 1987 | $17.28 | +52.2% | $50.54 |
| 1986 | $16.11 | +41.9% | $49.21 |
“—” 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 December 1998.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Dec 1, 1998 – Dec 31, 1998 | Dec 31, 1998 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Dec 1, 1998 – Dec 31, 1998 | Dec 31, 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)