Oil Prices in February 1998: WTI & Brent Daily Prices and Monthly Average
At $16.06 per barrel, February 1998's WTI average was the lowest monthly average in nominal terms since March 1994, down $0.66 (3.9%) from January 1998. The average was 28% below the $22.18 of February 1997.
Daily spot prices, February 1998
Chart data table (20 rows; WTI on 19, Brent on 20)
| Period | WTI | Brent |
|---|---|---|
| Feb 27, 1998 | $15.44 | $13.53 |
| Feb 26, 1998 | $15.41 | $13.38 |
| Feb 25, 1998 | $15.28 | $13.35 |
| Feb 24, 1998 | $15.14 | $13.08 |
| Feb 23, 1998 | $15.23 | $13.26 |
| Feb 20, 1998 | $16.13 | $13.91 |
| Feb 19, 1998 | $16.12 | $14.02 |
| Feb 18, 1998 | $16.24 | $13.46 |
| Feb 17, 1998 | $15.64 | $13.50 |
| Feb 16, 1998 | — | $13.50 |
| Feb 13, 1998 | $16.03 | $14.05 |
| Feb 12, 1998 | $15.97 | $14.04 |
| Feb 11, 1998 | $16.17 | $14.35 |
| Feb 10, 1998 | $16.48 | $14.60 |
| Feb 9, 1998 | $16.59 | $14.77 |
| Feb 6, 1998 | $16.72 | $15.05 |
| Feb 5, 1998 | $16.63 | $14.83 |
| Feb 4, 1998 | $16.42 | $14.56 |
| Feb 3, 1998 | $16.43 | $14.87 |
| Feb 2, 1998 | $17.07 | $15.28 |
Prices fell over the month, from $17.07 on Feb 2, 1998 to $15.44 on Feb 27, 1998. The largest one-day move was −$0.90 on Feb 23, 1998 (−5.6%).
Brent averaged $14.07, on matched dates $1.96 below WTI on average across 19 dates.
Among the 41 February averages EIA has published, 1998's ranks 4th lowest. Within 1998 it ranks 2nd highest of the 12 monthly averages. The high was $17.07 on Feb 2, 1998 and the low $15.14 on Feb 24, 1998. WTI moved 5% or more from the previous published price on 1 day. In October 2026 dollars (CPI-U), the average equals $33.48 and the high of $17.07 equals $35.59.
February 1998 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $16.06 | $14.07 |
| Change vs January 1998 | −$0.66 | −$1.12 |
| Change vs February 1997 | −$6.12 | −$6.78 |
| Highest daily price | $17.07 Feb 2, 1998 | $15.28 Feb 2, 1998 |
| Lowest daily price | $15.14 Feb 24, 1998 | $13.08 Feb 24, 1998 |
| Published daily observations | 19 | 20 |
| Average in October 2026 dollars (CPI-U) | $33.48 | $29.33 |
Monthly averages are EIA's published figures. Real figures use CPI-U for February 1998.
February in other years
| Year | WTI average | vs February 1998 | Real |
|---|---|---|---|
| 2026 | $64.51 | +301.7% | $66.63 |
| 2025 | $71.53 | +345.4% | $75.66 |
| 2024 | $77.25 | +381.0% | $84.02 |
| 2023 | $76.83 | +378.4% | $86.20 |
| 2022 | $91.64 | +470.6% | $109.02 |
| 2021 | $59.04 | +267.6% | $75.76 |
| 2020 | $50.54 | +214.7% | $65.94 |
| 2019 | $54.95 | +242.2% | $73.37 |
| 2018 | $62.23 | +287.5% | $84.35 |
| 2017 | $53.47 | +232.9% | $74.08 |
| 2016 | $30.32 | +88.8% | $43.16 |
| 2015 | $50.58 | +214.9% | $72.73 |
| 2014 | $100.82 | +527.8% | $144.93 |
| 2013 | $95.31 | +493.5% | $138.56 |
| 2012 | $102.20 | +536.4% | $151.51 |
| 2011 | $88.58 | +451.6% | $135.09 |
| 2010 | $76.39 | +375.7% | $118.96 |
| 2009 | $39.09 | +143.4% | $62.18 |
| 2008 | $95.39 | +494.0% | $152.08 |
| 2007 | $59.28 | +269.1% | $98.32 |
| 2006 | $61.63 | +283.7% | $104.68 |
| 2005 | $48.15 | +199.8% | $84.73 |
| 2004 | $34.69 | +116.0% | $62.88 |
| 2003 | $35.83 | +123.1% | $66.05 |
| 2002 | $20.72 | +29.0% | $39.33 |
| 2001 | $29.61 | +84.4% | $56.85 |
| 2000 | $29.37 | +82.9% | $58.38 |
| 1999 | $12.01 | −25.2% | $24.64 |
| 1998 | $16.06 | — | $33.48 |
| 1997 | $22.18 | +38.1% | $46.90 |
| 1996 | $19.09 | +18.9% | $41.60 |
| 1995 | $18.57 | +15.6% | $41.53 |
| 1994 | $14.78 | −8.0% | $34.00 |
| 1993 | $20.09 | +25.1% | $47.38 |
| 1992 | $19.01 | +18.4% | $46.29 |
| 1991 | $20.48 | +27.5% | $51.28 |
| 1990 | $22.11 | +37.7% | $58.30 |
| 1989 | $17.94 | +11.7% | $49.79 |
| 1988 | $16.80 | +4.6% | $48.88 |
| 1987 | $17.75 | +10.5% | $53.68 |
| 1986 | $15.46 | −3.7% | $47.74 |
“—” 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 February 1998.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Feb 2, 1998 – Feb 27, 1998 | Feb 27, 1998 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Feb 2, 1998 – Feb 27, 1998 | Feb 27, 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)