Oil Prices in November 1998: WTI & Brent Daily Prices and Monthly Average
WTI's monthly average fell to $13.00 in November 1998, down $1.46 (10.1%) from October 1998, the lowest monthly average in nominal terms since July 1986. The average was 36% below the $20.19 of November 1997.
Daily spot prices, November 1998
Chart data table (21 rows; WTI on 19, Brent on 21)
| Period | WTI | Brent |
|---|---|---|
| Nov 30, 1998 | $11.37 | $9.91 |
| Nov 27, 1998 | — | $10.77 |
| Nov 26, 1998 | — | $10.41 |
| Nov 25, 1998 | $10.86 | $10.51 |
| Nov 24, 1998 | $11.48 | $10.58 |
| Nov 23, 1998 | $12.51 | $10.54 |
| Nov 20, 1998 | $12.20 | $10.40 |
| Nov 19, 1998 | $12.21 | $10.45 |
| Nov 18, 1998 | $12.33 | $10.25 |
| Nov 17, 1998 | $12.46 | $10.62 |
| Nov 16, 1998 | $12.81 | $11.10 |
| Nov 13, 1998 | $13.57 | $11.46 |
| Nov 12, 1998 | $14.04 | $11.56 |
| Nov 11, 1998 | $13.63 | $11.45 |
| Nov 10, 1998 | $13.54 | $11.18 |
| Nov 9, 1998 | $13.39 | $11.15 |
| Nov 6, 1998 | $13.93 | $11.51 |
| Nov 5, 1998 | $13.93 | $11.73 |
| Nov 4, 1998 | $14.09 | $11.88 |
| Nov 3, 1998 | $14.24 | $11.93 |
| Nov 2, 1998 | $14.45 | $12.43 |
Prices fell over the month, from $14.45 on Nov 2, 1998 to $11.37 on Nov 30, 1998, with declines on 13 of 18 trading days. The largest one-day move was −$1.03 on Nov 24, 1998 (−8.2%).
Brent averaged $11.04, on matched dates $1.92 below WTI on average across 19 dates.
Among the 40 November averages EIA has published, 1998's ranks the lowest. Within 1998 it ranks 2nd lowest of the 12 monthly averages. The high was $14.45 on Nov 2, 1998 and the low $10.86 on Nov 25, 1998. WTI moved 5% or more from the previous published price on 3 days. In October 2026 dollars (CPI-U), the average equals $26.75 and the high of $14.45 equals $29.74.
November 1998 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $13.00 | $11.04 |
| Change vs October 1998 | −$1.46 | −$1.66 |
| Change vs November 1997 | −$7.19 | −$8.13 |
| Highest daily price | $14.45 Nov 2, 1998 | $12.43 Nov 2, 1998 |
| Lowest daily price | $10.86 Nov 25, 1998 | $9.91 Nov 30, 1998 |
| Published daily observations | 19 | 21 |
| Average in October 2026 dollars (CPI-U) | $26.75 | $22.72 |
Monthly averages are EIA's published figures. Real figures use CPI-U for November 1998.
November in other years
| Year | WTI average | vs November 1998 | Real |
|---|---|---|---|
| 2026 (to date) | $99.85 | +668.1% | — |
| 2025 | $60.06 | +362.0% | $62.54 |
| 2024 | $69.95 | +438.1% | $74.83 |
| 2023 | $77.69 | +497.6% | $85.40 |
| 2022 | $84.37 | +549.0% | $95.65 |
| 2021 | $79.15 | +508.8% | $96.11 |
| 2020 | $40.94 | +214.9% | $53.10 |
| 2019 | $57.03 | +338.7% | $74.84 |
| 2018 | $56.96 | +338.2% | $76.28 |
| 2017 | $56.64 | +335.7% | $77.50 |
| 2016 | $45.66 | +251.2% | $63.85 |
| 2015 | $42.44 | +226.5% | $60.35 |
| 2014 | $75.79 | +483.0% | $108.32 |
| 2013 | $93.86 | +622.0% | $135.92 |
| 2012 | $86.53 | +565.6% | $126.86 |
| 2011 | $97.16 | +647.4% | $144.95 |
| 2010 | $84.25 | +548.1% | $129.96 |
| 2009 | $77.99 | +499.9% | $121.68 |
| 2008 | $57.31 | +340.8% | $91.06 |
| 2007 | $94.77 | +629.0% | $152.19 |
| 2006 | $59.08 | +354.5% | $98.96 |
| 2005 | $58.32 | +348.6% | $99.61 |
| 2004 | $48.47 | +272.8% | $85.65 |
| 2003 | $31.11 | +139.3% | $56.91 |
| 2002 | $26.35 | +102.7% | $49.05 |
| 2001 | $19.64 | +51.1% | $37.37 |
| 2000 | $34.42 | +164.8% | $66.73 |
| 1999 | $25.00 | +92.3% | $50.14 |
| 1998 | $13.00 | — | $26.75 |
| 1997 | $20.19 | +55.3% | $42.19 |
| 1996 | $23.71 | +82.4% | $50.46 |
| 1995 | $17.99 | +38.4% | $39.53 |
| 1994 | $18.07 | +39.0% | $40.74 |
| 1993 | $16.61 | +27.8% | $38.45 |
| 1992 | $20.34 | +56.5% | $48.34 |
| 1991 | $22.46 | +72.8% | $55.01 |
| 1990 | $32.33 | +148.7% | $81.55 |
| 1989 | $19.86 | +52.8% | $53.24 |
| 1988 | $14.14 | +8.8% | $39.67 |
| 1987 | $18.85 | +45.0% | $55.13 |
| 1986 | $15.22 | +17.1% | $46.53 |
“—” 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 November 1998.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Nov 2, 1998 – Nov 30, 1998 | Nov 30, 1998 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Nov 2, 1998 – Nov 30, 1998 | Nov 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)