Oil Prices in January 1998: WTI & Brent Daily Prices and Monthly Average
At $16.72 per barrel, January 1998's WTI average was the lowest monthly average in nominal terms since April 1994, down $1.61 (8.8%) from December 1997. The average was 33% below the $25.13 of January 1997.
Daily spot prices, January 1998
Chart data table (21 rows; WTI on 20, Brent on 21)
| Period | WTI | Brent |
|---|---|---|
| Jan 30, 1998 | $17.21 | $15.59 |
| Jan 29, 1998 | $17.93 | $16.28 |
| Jan 28, 1998 | $17.35 | $15.64 |
| Jan 27, 1998 | $17.06 | $15.74 |
| Jan 26, 1998 | $16.96 | $14.79 |
| Jan 23, 1998 | $15.65 | $14.26 |
| Jan 22, 1998 | $15.93 | $14.35 |
| Jan 21, 1998 | $16.05 | $14.67 |
| Jan 20, 1998 | $16.43 | $14.95 |
| Jan 19, 1998 | — | $15.38 |
| Jan 16, 1998 | $16.48 | $14.89 |
| Jan 15, 1998 | $16.35 | $14.75 |
| Jan 14, 1998 | $16.54 | $14.81 |
| Jan 13, 1998 | $16.44 | $15.08 |
| Jan 12, 1998 | $16.53 | $15.07 |
| Jan 9, 1998 | $16.65 | $15.33 |
| Jan 8, 1998 | $17.01 | $15.47 |
| Jan 7, 1998 | $16.91 | $15.33 |
| Jan 6, 1998 | $16.64 | $15.48 |
| Jan 5, 1998 | $16.95 | $15.29 |
| Jan 2, 1998 | $17.41 | $15.77 |
Prices dipped to $15.65 on Jan 23, 1998, then climbed to $17.93 on Jan 29, 1998 and ended at $17.21. The largest one-day move was +$1.31 on Jan 26, 1998 (+8.4%).
Brent averaged $15.19, on matched dates $1.55 below WTI on average across 20 dates.
Among the 41 January averages EIA has published, 1998's ranks 3rd lowest. Within 1998 it ranks the highest of the 12 monthly averages. WTI moved 5% or more from the previous published price on 1 day. In October 2026 dollars (CPI-U), the average equals $34.92 and the high of $17.93 equals $37.45.
January 1998 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $16.72 | $15.19 |
| Change vs December 1997 | −$1.61 | −$1.99 |
| Change vs January 1997 | −$8.41 | −$8.35 |
| Highest daily price | $17.93 Jan 29, 1998 | $16.28 Jan 29, 1998 |
| Lowest daily price | $15.65 Jan 23, 1998 | $14.26 Jan 23, 1998 |
| Published daily observations | 20 | 21 |
| Average in October 2026 dollars (CPI-U) | $34.92 | $31.73 |
Monthly averages are EIA's published figures. Real figures use CPI-U for January 1998.
January in other years
| Year | WTI average | vs January 1998 | Real |
|---|---|---|---|
| 2026 | $60.04 | +259.1% | $62.30 |
| 2025 | $75.74 | +353.0% | $80.47 |
| 2024 | $74.15 | +343.5% | $81.14 |
| 2023 | $78.12 | +367.2% | $88.13 |
| 2022 | $83.22 | +397.7% | $99.90 |
| 2021 | $52.00 | +211.0% | $67.09 |
| 2020 | $57.52 | +244.0% | $75.26 |
| 2019 | $51.38 | +207.3% | $68.89 |
| 2018 | $63.70 | +281.0% | $86.74 |
| 2017 | $52.50 | +214.0% | $72.97 |
| 2016 | $31.68 | +89.5% | $45.13 |
| 2015 | $47.22 | +182.4% | $68.19 |
| 2014 | $94.62 | +465.9% | $136.52 |
| 2013 | $94.76 | +466.7% | $138.89 |
| 2012 | $100.27 | +499.7% | $149.31 |
| 2011 | $89.17 | +433.3% | $136.66 |
| 2010 | $78.33 | +368.5% | $122.01 |
| 2009 | $41.71 | +149.5% | $66.67 |
| 2008 | $92.97 | +456.0% | $148.66 |
| 2007 | $54.51 | +226.0% | $90.89 |
| 2006 | $65.49 | +291.7% | $111.47 |
| 2005 | $46.84 | +180.1% | $82.90 |
| 2004 | $34.31 | +105.2% | $62.53 |
| 2003 | $32.95 | +97.1% | $61.21 |
| 2002 | $19.72 | +17.9% | $37.58 |
| 2001 | $29.59 | +77.0% | $57.04 |
| 2000 | $27.26 | +63.0% | $54.51 |
| 1999 | $12.52 | −25.1% | $25.72 |
| 1998 | $16.72 | — | $34.92 |
| 1997 | $25.13 | +50.3% | $53.31 |
| 1996 | $18.86 | +12.8% | $41.23 |
| 1995 | $18.04 | +7.9% | $40.51 |
| 1994 | $15.03 | −10.1% | $34.70 |
| 1993 | $19.03 | +13.8% | $45.04 |
| 1992 | $18.79 | +12.4% | $45.92 |
| 1991 | $25.23 | +50.9% | $63.26 |
| 1990 | $22.86 | +36.7% | $60.56 |
| 1989 | $18.02 | +7.8% | $50.22 |
| 1988 | $17.13 | +2.5% | $49.97 |
| 1987 | $18.65 | +11.5% | $56.61 |
| 1986 | $22.93 | +37.1% | $70.61 |
“—” 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 January 1998.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Jan 2, 1998 – Jan 30, 1998 | Jan 30, 1998 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Jan 2, 1998 – Jan 30, 1998 | Jan 30, 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)