Oil Prices in October 1998: WTI & Brent Daily Prices and Monthly Average
WTI averaged $14.46 per barrel in October 1998, down $0.57 (3.8%) from September 1998. The average was 32% below the $21.33 of October 1997.
Daily spot prices, October 1998
Chart data table (22 rows; WTI on 22, Brent on 22)
| Period | WTI | Brent |
|---|---|---|
| Oct 30, 1998 | $14.48 | $12.00 |
| Oct 29, 1998 | $14.31 | $12.31 |
| Oct 28, 1998 | $14.35 | $12.26 |
| Oct 27, 1998 | $14.19 | $12.46 |
| Oct 26, 1998 | $14.39 | $12.74 |
| Oct 23, 1998 | $14.06 | $12.18 |
| Oct 22, 1998 | $14.00 | $11.68 |
| Oct 21, 1998 | $14.14 | $11.94 |
| Oct 20, 1998 | $13.45 | $11.29 |
| Oct 19, 1998 | $13.39 | $11.60 |
| Oct 16, 1998 | $14.16 | $12.11 |
| Oct 15, 1998 | $14.08 | $11.98 |
| Oct 14, 1998 | $14.09 | $12.26 |
| Oct 13, 1998 | $14.27 | $12.73 |
| Oct 12, 1998 | $14.47 | $13.18 |
| Oct 9, 1998 | $14.64 | $12.87 |
| Oct 8, 1998 | $14.57 | $13.23 |
| Oct 7, 1998 | $15.03 | $13.88 |
| Oct 6, 1998 | $15.60 | $13.98 |
| Oct 5, 1998 | $15.24 | $14.10 |
| Oct 2, 1998 | $15.71 | $14.21 |
| Oct 1, 1998 | $15.52 | $14.46 |
Prices peaked at $15.71 on Oct 2, 1998, then fell to $13.39 on Oct 19, 1998 and ended at $14.48. The largest one-day move was −$0.77 on Oct 19, 1998 (−5.4%).
Brent averaged $12.70, on matched dates $1.76 below WTI on average across 22 dates.
Among the 41 October averages EIA has published, 1998's ranks 2nd lowest. Within 1998 it ranks 6th lowest 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 $29.76 and the high of $15.71 equals $32.33.
October 1998 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $14.46 | $12.70 |
| Change vs September 1998 | −$0.57 | −$0.64 |
| Change vs October 1997 | −$6.87 | −$7.17 |
| Highest daily price | $15.71 Oct 2, 1998 | $14.46 Oct 1, 1998 |
| Lowest daily price | $13.39 Oct 19, 1998 | $11.29 Oct 20, 1998 |
| Published daily observations | 22 | 22 |
| Average in October 2026 dollars (CPI-U) | $29.76 | $26.14 |
Monthly averages are EIA's published figures. Real figures use CPI-U for October 1998.
October in other years
| Year | WTI average | vs October 1998 | Real |
|---|---|---|---|
| 2026 | $102.07 | +605.9% | $102.07 |
| 2025 | $60.89 | +321.1% | — |
| 2024 | $71.99 | +397.9% | $76.97 |
| 2023 | $85.64 | +492.3% | $93.95 |
| 2022 | $87.55 | +505.5% | $99.15 |
| 2021 | $81.48 | +463.5% | $99.43 |
| 2020 | $39.40 | +172.5% | $51.07 |
| 2019 | $53.96 | +273.2% | $70.77 |
| 2018 | $70.75 | +389.3% | $94.43 |
| 2017 | $51.58 | +256.7% | $70.58 |
| 2016 | $49.78 | +244.3% | $69.50 |
| 2015 | $46.22 | +219.6% | $65.59 |
| 2014 | $84.40 | +483.7% | $119.97 |
| 2013 | $100.54 | +595.3% | $145.30 |
| 2012 | $89.49 | +518.9% | $130.57 |
| 2011 | $86.32 | +497.0% | $128.67 |
| 2010 | $81.89 | +466.3% | $126.37 |
| 2009 | $75.72 | +423.7% | $118.22 |
| 2008 | $76.61 | +429.8% | $119.39 |
| 2007 | $85.80 | +493.4% | $138.60 |
| 2006 | $58.89 | +307.3% | $98.49 |
| 2005 | $62.26 | +330.6% | $105.49 |
| 2004 | $53.28 | +268.5% | $94.20 |
| 2003 | $30.34 | +109.8% | $55.35 |
| 2002 | $28.84 | +99.4% | $53.69 |
| 2001 | $22.17 | +53.3% | $42.11 |
| 2000 | $33.11 | +129.0% | $64.22 |
| 1999 | $22.69 | +56.9% | $45.53 |
| 1998 | $14.46 | — | $29.76 |
| 1997 | $21.33 | +47.5% | $44.55 |
| 1996 | $24.88 | +72.1% | $53.05 |
| 1995 | $17.43 | +20.5% | $38.27 |
| 1994 | $17.72 | +22.5% | $40.00 |
| 1993 | $18.15 | +25.5% | $42.04 |
| 1992 | $21.69 | +50.0% | $51.63 |
| 1991 | $23.23 | +60.7% | $57.06 |
| 1990 | $36.04 | +149.2% | $91.12 |
| 1989 | $20.10 | +39.0% | $54.01 |
| 1988 | $13.77 | −4.8% | $38.66 |
| 1987 | $19.86 | +37.3% | $58.14 |
| 1986 | $14.90 | +3.0% | $45.59 |
“—” 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 October 1998.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Oct 1, 1998 – Oct 30, 1998 | Oct 30, 1998 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Oct 1, 1998 – Oct 30, 1998 | Oct 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)