Oil Prices in May 1998: WTI & Brent Daily Prices and Monthly Average
At $14.91 per barrel, May 1998's WTI average was the lowest monthly average in nominal terms since March 1994, down $0.44 (2.9%) from April 1998. The average was 28% below the $20.82 of May 1997.
Daily spot prices, May 1998
Chart data table (20 rows; WTI on 20, Brent on 19)
| Period | WTI | Brent |
|---|---|---|
| May 29, 1998 | $15.21 | $14.03 |
| May 28, 1998 | $14.88 | $14.71 |
| May 27, 1998 | $14.98 | $14.78 |
| May 26, 1998 | $14.90 | $14.27 |
| May 22, 1998 | $14.81 | $14.33 |
| May 21, 1998 | $14.21 | $14.29 |
| May 20, 1998 | $13.36 | $14.58 |
| May 19, 1998 | $13.01 | $14.87 |
| May 18, 1998 | $14.15 | $14.72 |
| May 15, 1998 | $14.51 | $14.33 |
| May 14, 1998 | $15.15 | $14.29 |
| May 13, 1998 | $15.01 | $14.15 |
| May 12, 1998 | $15.21 | $14.75 |
| May 11, 1998 | $15.26 | $14.41 |
| May 8, 1998 | $15.21 | $13.94 |
| May 7, 1998 | $15.26 | $13.81 |
| May 6, 1998 | $15.45 | $13.91 |
| May 5, 1998 | $15.48 | $14.13 |
| May 4, 1998 | $15.98 | — |
| May 1, 1998 | $16.25 | $14.60 |
The month's range ran from $13.01 on May 19, 1998 to $16.25 on May 1, 1998; the last price was $15.21 on May 29, 1998. The largest one-day move was −$1.14 on May 19, 1998 (−8.1%).
Brent averaged $14.36, within a dollar of WTI on average across the 19 dates when both were published.
Among the 41 May averages EIA has published, 1998's ranks the lowest. Within 1998 it ranks 6th highest of the 12 monthly averages. WTI moved 5% or more from the previous published price on 2 days. In October 2026 dollars (CPI-U), the average equals $30.91 and the high of $16.25 equals $33.69.
May 1998 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $14.91 | $14.36 |
| Change vs April 1998 | −$0.44 | +$0.83 |
| Change vs May 1997 | −$5.91 | −$4.66 |
| Highest daily price | $16.25 May 1, 1998 | $14.87 May 19, 1998 |
| Lowest daily price | $13.01 May 19, 1998 | $13.81 May 7, 1998 |
| Published daily observations | 20 | 19 |
| Average in October 2026 dollars (CPI-U) | $30.91 | $29.77 |
Monthly averages are EIA's published figures. Real figures use CPI-U for May 1998.
May in other years
| Year | WTI average | vs May 1998 | Real |
|---|---|---|---|
| 2026 | $102.13 | +585.0% | $102.86 |
| 2025 | $62.17 | +317.0% | $65.27 |
| 2024 | $80.02 | +436.7% | $85.99 |
| 2023 | $71.58 | +380.1% | $79.44 |
| 2022 | $109.55 | +634.7% | $126.50 |
| 2021 | $65.17 | +337.1% | $81.71 |
| 2020 | $28.56 | +91.5% | $37.60 |
| 2019 | $60.83 | +308.0% | $80.17 |
| 2018 | $69.98 | +369.3% | $93.88 |
| 2017 | $48.48 | +225.2% | $66.86 |
| 2016 | $46.71 | +213.3% | $65.63 |
| 2015 | $59.27 | +297.5% | $84.12 |
| 2014 | $102.18 | +585.3% | $144.96 |
| 2013 | $94.51 | +533.9% | $136.93 |
| 2012 | $94.66 | +534.9% | $139.02 |
| 2011 | $100.90 | +576.7% | $150.71 |
| 2010 | $73.74 | +394.6% | $114.07 |
| 2009 | $59.03 | +295.9% | $93.16 |
| 2008 | $125.40 | +741.0% | $195.37 |
| 2007 | $63.46 | +325.6% | $103.00 |
| 2006 | $70.84 | +375.1% | $118.07 |
| 2005 | $49.83 | +234.2% | $86.51 |
| 2004 | $40.28 | +170.2% | $71.89 |
| 2003 | $28.11 | +88.5% | $51.70 |
| 2002 | $27.04 | +81.4% | $50.76 |
| 2001 | $28.63 | +92.0% | $54.38 |
| 2000 | $28.79 | +93.1% | $56.66 |
| 1999 | $17.72 | +18.8% | $35.98 |
| 1998 | $14.91 | — | $30.91 |
| 1997 | $20.82 | +39.6% | $43.89 |
| 1996 | $21.17 | +42.0% | $45.63 |
| 1995 | $19.74 | +32.4% | $43.77 |
| 1994 | $17.89 | +20.0% | $40.94 |
| 1993 | $19.95 | +33.8% | $46.69 |
| 1992 | $20.98 | +40.7% | $50.69 |
| 1991 | $21.23 | +42.4% | $52.84 |
| 1990 | $18.20 | +22.1% | $47.54 |
| 1989 | $20.12 | +34.9% | $54.85 |
| 1988 | $17.42 | +16.8% | $50.04 |
| 1987 | $19.44 | +30.4% | $58.01 |
| 1986 | $15.38 | +3.2% | $47.67 |
“—” 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 May 1998.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | May 1, 1998 – May 29, 1998 | May 29, 1998 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | May 1, 1998 – May 29, 1998 | May 29, 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)