Oil Prices in March 1998: WTI & Brent Daily Prices and Monthly Average
At $15.12 per barrel, March 1998's WTI average was the lowest monthly average in nominal terms since March 1994, down $0.94 (5.9%) from February 1998. The average was 28% below the $20.97 of March 1997.
Daily spot prices, March 1998
Chart data table (22 rows; WTI on 22, Brent on 22)
| Period | WTI | Brent |
|---|---|---|
| Mar 31, 1998 | $15.75 | $13.87 |
| Mar 30, 1998 | $16.32 | $14.35 |
| Mar 27, 1998 | $16.84 | $14.92 |
| Mar 26, 1998 | $16.92 | $15.18 |
| Mar 25, 1998 | $16.69 | $14.41 |
| Mar 24, 1998 | $15.52 | $14.02 |
| Mar 23, 1998 | $16.14 | $14.53 |
| Mar 20, 1998 | $14.31 | $12.35 |
| Mar 19, 1998 | $14.43 | $12.41 |
| Mar 18, 1998 | $14.36 | $12.21 |
| Mar 17, 1998 | $13.67 | $11.05 |
| Mar 16, 1998 | $13.41 | $11.74 |
| Mar 13, 1998 | $14.19 | $12.25 |
| Mar 12, 1998 | $14.40 | $12.30 |
| Mar 11, 1998 | $14.30 | $12.41 |
| Mar 10, 1998 | $14.54 | $12.36 |
| Mar 9, 1998 | $14.58 | $12.24 |
| Mar 6, 1998 | $14.90 | $12.85 |
| Mar 5, 1998 | $15.34 | $13.18 |
| Mar 4, 1998 | $15.33 | $13.09 |
| Mar 3, 1998 | $15.28 | $13.18 |
| Mar 2, 1998 | $15.32 | $13.37 |
Prices dipped to $13.41 on Mar 16, 1998, then climbed to $16.92 on Mar 26, 1998 and ended at $15.75. The largest one-day move was +$1.83 on Mar 23, 1998 (+12.8%).
Brent averaged $13.10, on matched dates $2.01 below WTI on average across 22 dates.
Among the 41 March averages EIA has published, 1998's ranks 4th lowest. Within 1998 it ranks 4th highest of the 12 monthly averages. WTI moved 5% or more from the previous published price on 4 days. In October 2026 dollars (CPI-U), the average equals $31.46 and the high of $16.92 equals $35.21.
March 1998 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $15.12 | $13.10 |
| Change vs February 1998 | −$0.94 | −$0.97 |
| Change vs March 1997 | −$5.85 | −$6.03 |
| Highest daily price | $16.92 Mar 26, 1998 | $15.18 Mar 26, 1998 |
| Lowest daily price | $13.41 Mar 16, 1998 | $11.05 Mar 17, 1998 |
| Published daily observations | 22 | 22 |
| Average in October 2026 dollars (CPI-U) | $31.46 | $27.26 |
Monthly averages are EIA's published figures. Real figures use CPI-U for March 1998.
March in other years
| Year | WTI average | vs March 1998 | Real |
|---|---|---|---|
| 2026 | $91.38 | +504.4% | $93.40 |
| 2025 | $68.24 | +351.3% | $72.02 |
| 2024 | $81.28 | +437.6% | $87.83 |
| 2023 | $73.28 | +384.7% | $81.94 |
| 2022 | $108.50 | +617.6% | $127.37 |
| 2021 | $62.33 | +312.2% | $79.42 |
| 2020 | $29.21 | +93.2% | $38.19 |
| 2019 | $58.15 | +284.6% | $77.21 |
| 2018 | $62.73 | +314.9% | $84.84 |
| 2017 | $49.33 | +226.3% | $68.29 |
| 2016 | $37.55 | +148.3% | $53.22 |
| 2015 | $47.82 | +216.3% | $68.35 |
| 2014 | $100.80 | +566.7% | $143.98 |
| 2013 | $92.94 | +514.7% | $134.76 |
| 2012 | $106.16 | +602.1% | $156.20 |
| 2011 | $102.86 | +580.3% | $155.35 |
| 2010 | $81.20 | +437.0% | $125.93 |
| 2009 | $47.94 | +217.1% | $76.07 |
| 2008 | $105.45 | +597.4% | $166.68 |
| 2007 | $60.44 | +299.7% | $99.34 |
| 2006 | $62.69 | +314.6% | $105.90 |
| 2005 | $54.19 | +258.4% | $94.62 |
| 2004 | $36.74 | +143.0% | $66.17 |
| 2003 | $33.51 | +121.6% | $61.40 |
| 2002 | $24.53 | +62.2% | $46.30 |
| 2001 | $27.25 | +80.2% | $52.20 |
| 2000 | $29.84 | +97.4% | $58.83 |
| 1999 | $14.68 | −2.9% | $30.03 |
| 1998 | $15.12 | — | $31.46 |
| 1997 | $20.97 | +38.7% | $44.24 |
| 1996 | $21.33 | +41.1% | $46.24 |
| 1995 | $18.54 | +22.6% | $41.33 |
| 1994 | $14.68 | −2.9% | $33.66 |
| 1993 | $20.32 | +34.4% | $47.76 |
| 1992 | $18.92 | +25.1% | $45.84 |
| 1991 | $19.90 | +31.6% | $49.75 |
| 1990 | $20.39 | +34.9% | $53.47 |
| 1989 | $19.48 | +28.8% | $53.76 |
| 1988 | $16.20 | +7.1% | $46.93 |
| 1987 | $18.30 | +21.0% | $55.10 |
| 1986 | $12.61 | −16.6% | $39.12 |
“—” 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 March 1998.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Mar 2, 1998 – Mar 31, 1998 | Mar 31, 1998 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Mar 2, 1998 – Mar 31, 1998 | Mar 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)