Oil Prices in July 1998: WTI & Brent Daily Prices and Monthly Average
WTI averaged $14.17 per barrel in July 1998, up $0.45 (3.3%) from June 1998. The average was 28% below the $19.66 of July 1997.
Daily spot prices, July 1998
Chart data table (23 rows; WTI on 22, Brent on 23)
| Period | WTI | Brent |
|---|---|---|
| Jul 31, 1998 | $14.27 | $12.63 |
| Jul 30, 1998 | $14.25 | $12.55 |
| Jul 29, 1998 | $14.13 | $12.60 |
| Jul 28, 1998 | $14.20 | $12.74 |
| Jul 27, 1998 | $14.37 | $12.53 |
| Jul 24, 1998 | $13.93 | $12.05 |
| Jul 23, 1998 | $13.97 | $12.23 |
| Jul 22, 1998 | $14.29 | $12.21 |
| Jul 21, 1998 | $13.83 | $12.01 |
| Jul 20, 1998 | $13.44 | $12.11 |
| Jul 17, 1998 | $14.02 | $12.38 |
| Jul 16, 1998 | $14.54 | $12.65 |
| Jul 15, 1998 | $14.90 | $11.79 |
| Jul 14, 1998 | $14.87 | $11.83 |
| Jul 13, 1998 | $14.06 | $11.56 |
| Jul 10, 1998 | $13.96 | $11.61 |
| Jul 9, 1998 | $14.01 | $11.61 |
| Jul 8, 1998 | $14.01 | $11.71 |
| Jul 7, 1998 | $13.83 | $11.66 |
| Jul 6, 1998 | $13.87 | $11.70 |
| Jul 3, 1998 | — | $11.79 |
| Jul 2, 1998 | $14.58 | $11.95 |
| Jul 1, 1998 | $14.47 | $11.93 |
Prices peaked at $14.90 on Jul 15, 1998, then fell to $13.44 on Jul 20, 1998 and ended at $14.27. The largest one-day move was +$0.81 on Jul 14, 1998 (+5.8%).
Brent averaged $12.08, on matched dates $2.08 below WTI on average across 22 dates.
Among the 41 July averages EIA has published, 1998's ranks 2nd lowest. Within 1998 it ranks 5th lowest 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 $29.30 and the high of $14.90 equals $30.81.
July 1998 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $14.17 | $12.08 |
| Change vs June 1998 | +$0.45 | −$0.13 |
| Change vs July 1997 | −$5.49 | −$6.38 |
| Highest daily price | $14.90 Jul 15, 1998 | $12.74 Jul 28, 1998 |
| Lowest daily price | $13.44 Jul 20, 1998 | $11.56 Jul 13, 1998 |
| Published daily observations | 22 | 23 |
| Average in October 2026 dollars (CPI-U) | $29.30 | $24.98 |
Monthly averages are EIA's published figures. Real figures use CPI-U for July 1998.
July in other years
| Year | WTI average | vs July 1998 | Real |
|---|---|---|---|
| 2026 | $80.46 | +467.8% | $81.33 |
| 2025 | $68.39 | +382.6% | $71.45 |
| 2024 | $81.80 | +477.3% | $87.77 |
| 2023 | $76.07 | +436.8% | $83.99 |
| 2022 | $101.62 | +617.1% | $115.76 |
| 2021 | $72.49 | +411.6% | $89.62 |
| 2020 | $40.71 | +187.3% | $53.03 |
| 2019 | $57.35 | +304.7% | $75.44 |
| 2018 | $70.98 | +400.9% | $95.06 |
| 2017 | $46.63 | +229.1% | $64.29 |
| 2016 | $44.65 | +215.1% | $62.63 |
| 2015 | $50.90 | +259.2% | $71.98 |
| 2014 | $103.59 | +631.1% | $146.75 |
| 2013 | $104.67 | +638.7% | $151.23 |
| 2012 | $87.90 | +520.3% | $129.49 |
| 2011 | $97.30 | +586.7% | $145.36 |
| 2010 | $76.32 | +438.6% | $118.15 |
| 2009 | $64.15 | +352.7% | $100.54 |
| 2008 | $133.37 | +841.2% | $204.64 |
| 2007 | $74.12 | +423.1% | $120.10 |
| 2006 | $74.41 | +425.1% | $123.41 |
| 2005 | $59.00 | +316.4% | $101.91 |
| 2004 | $40.78 | +187.8% | $72.67 |
| 2003 | $30.76 | +117.1% | $56.45 |
| 2002 | $26.97 | +90.3% | $50.54 |
| 2001 | $26.43 | +86.5% | $50.26 |
| 2000 | $29.70 | +109.6% | $58.01 |
| 1999 | $20.10 | +41.8% | $40.70 |
| 1998 | $14.17 | — | $29.30 |
| 1997 | $19.66 | +38.7% | $41.34 |
| 1996 | $21.30 | +50.3% | $45.79 |
| 1995 | $17.33 | +22.3% | $38.35 |
| 1994 | $19.66 | +38.7% | $44.71 |
| 1993 | $17.89 | +26.3% | $41.81 |
| 1992 | $21.78 | +53.7% | $52.32 |
| 1991 | $21.40 | +51.0% | $53.03 |
| 1990 | $18.45 | +30.2% | $47.75 |
| 1989 | $19.78 | +39.6% | $53.67 |
| 1988 | $15.50 | +9.4% | $44.15 |
| 1987 | $21.34 | +50.6% | $63.29 |
| 1986 | $11.59 | −18.2% | $35.72 |
“—” 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 July 1998.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Jul 1, 1998 – Jul 31, 1998 | Jul 31, 1998 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Jul 1, 1998 – Jul 31, 1998 | Jul 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)