Oil Prices in 2003: WTI & Brent History and Monthly Averages
WTI averaged $31.08 per barrel in 2003, up $4.90 (18.7%) from 2002; that was the highest annual average since EIA's WTI series began in 1986.
Monthly average prices in 2003
| Month | WTI avg | WTI high | WTI low | Brent avg | Brent − WTI (matched dates) | WTI (September 2026 $) | Brent (September 2026 $) |
|---|---|---|---|---|---|---|---|
| January | $32.95 | $34.98 | $30.66 | $31.18 | −$1.81 | $61.10 | $57.82 |
| February | $35.83 | $37.96 | $32.84 | $32.77 | −$3.07 | $65.93 | $60.30 |
| March | $33.51 | $37.87 | $27.18 | $30.61 | −$2.90 | $61.30 | $55.99 |
| April | $28.17 | $30.76 | $25.25 | $25.00 | −$3.14 | $51.64 | $45.83 |
| May | $28.11 | $29.74 | $25.65 | $25.86 | −$2.29 | $51.62 | $47.48 |
| June | $30.66 | $32.17 | $28.97 | $27.65 | −$3.01 | $56.24 | $50.72 |
| July | $30.76 | $31.96 | $29.98 | $28.35 | −$2.39 | $56.36 | $51.94 |
| August | $31.57 | $32.41 | $30.76 | $29.89 | −$1.69 | $57.62 | $54.56 |
| September | $28.31 | $29.57 | $26.93 | $27.11 | −$1.32 | $51.51 | $49.32 |
| October | $30.34 | $32.01 | $28.67 | $29.61 | −$0.73 | $55.26 | $53.93 |
| November | $31.11 | $33.16 | $28.81 | $28.75 | −$2.38 | $56.81 | $52.50 |
| December | $32.13 | $33.72 | $29.89 | $29.81 | −$2.32 | $58.74 | $54.50 |
Monthly averages are EIA's published figures. Brent − WTI is the average over dates with both prices published, so it can differ from the difference between the two monthly averages. Inflation-adjusted columns use CPI-U for each month, expressed in September 2026 dollars; “—” means CPI-U for that month is not available.
The price moved by 5% or more in a single day 17 times. The steepest fall within the year ran from $37.96 on Feb 26, 2003 to $25.25 on Apr 28, 2003, a 33% drop. From $25.25 on Apr 28, 2003, WTI climbed to $33.72 by Dec 18, 2003, a 34% gain. Between March and April the monthly average fell $5.34, the largest month-to-month change of the year.
Brent traded below WTI throughout 2003: its monthly average was lower in every month, and on the 250 matched dates it averaged $2.23 less. Brent averaged $28.85, up $3.86 (15.4%) from 2002.
Monthly averages peaked early, at $35.83 in February, and bottomed at $28.11 in May. In September 2026 dollars (CPI-U), the 2003 average is $56.91, lower than 2025's real average by $11.52 (16.8%). The 2000s as a whole averaged $51.10, so 2003 ran below its decade. Of 40 complete years with an EIA annual average, 2003 ranks 18th lowest.
2003 summary statistics
| Measure | WTI | Brent | Brent − WTI |
|---|---|---|---|
| Average | $31.08 | $28.85 | −$2.23 |
| Change vs 2002 average | +$4.90 | +$3.86 | −$1.09 |
| Highest daily price | $37.96 Feb 26, 2003 | $34.94 Mar 10, 2003 | — |
| Lowest daily price | $25.25 Apr 28, 2003 | $23.23 Apr 29, 2003 | — |
| Highest daily spread | — | — | +$0.02 Oct 24, 2003 |
| Lowest daily spread | — | — | −$6.14 Mar 25, 2003 |
| First observation | $31.97 Jan 2, 2003 | $30.32 Jan 2, 2003 | — |
| Last observation | $32.51 Dec 31, 2003 | $30.30 Dec 31, 2003 | — |
| Published daily observations | 250 | 258 | 250 matched |
| Average in September 2026 dollars | $56.91 | $52.83 | — |
Daily spot prices in 2003
Show all 258 dates (Jan 2, 2003 – Dec 31, 2003)
| Date | WTI | Brent | Brent − WTI |
|---|---|---|---|
| Jan 2, 2003 | $31.97 | $30.32 | −$1.65 |
| Jan 3, 2003 | $33.26 | $31.43 | −$1.83 |
| Jan 6, 2003 | $32.29 | $31.43 | −$0.86 |
| Jan 7, 2003 | $31.20 | $30.78 | −$0.42 |
| Jan 8, 2003 | $30.66 | $29.30 | −$1.36 |
| Jan 9, 2003 | $31.95 | $30.26 | −$1.69 |
| Jan 10, 2003 | $31.59 | $30.07 | −$1.52 |
| Jan 13, 2003 | $32.08 | $30.46 | −$1.62 |
| Jan 14, 2003 | $32.42 | $31.36 | −$1.06 |
| Jan 15, 2003 | $33.23 | $31.73 | −$1.50 |
| Jan 16, 2003 | $33.58 | $32.29 | −$1.29 |
| Jan 17, 2003 | $33.88 | $31.57 | −$2.31 |
| Jan 20, 2003 | — | $32.23 | — |
| Jan 21, 2003 | $34.62 | $31.72 | −$2.90 |
| Jan 22, 2003 | $34.32 | $32.07 | −$2.25 |
| Jan 23, 2003 | $33.90 | $31.40 | −$2.50 |
| Jan 24, 2003 | $34.98 | $31.62 | −$3.36 |
| Jan 27, 2003 | $32.43 | $31.02 | −$1.41 |
| Jan 28, 2003 | $32.70 | $30.73 | −$1.97 |
| Jan 29, 2003 | $33.54 | $31.26 | −$2.28 |
| Jan 30, 2003 | $33.78 | $31.42 | −$2.36 |
| Jan 31, 2003 | $33.51 | $31.57 | −$1.94 |
| Feb 3, 2003 | $32.84 | $30.95 | −$1.89 |
| Feb 4, 2003 | $33.61 | $31.13 | −$2.48 |
| Feb 5, 2003 | $33.91 | $31.77 | −$2.14 |
| Feb 6, 2003 | $34.36 | $31.81 | −$2.55 |
| Feb 7, 2003 | $35.05 | $32.23 | −$2.82 |
| Feb 10, 2003 | $34.46 | $32.47 | −$1.99 |
| Feb 11, 2003 | $35.43 | $32.51 | −$2.92 |
| Feb 12, 2003 | $35.83 | $32.46 | −$3.37 |
| Feb 13, 2003 | $36.63 | $33.23 | −$3.40 |
| Feb 14, 2003 | $36.61 | $33.26 | −$3.35 |
| Feb 17, 2003 | — | $33.06 | — |
| Feb 18, 2003 | $36.88 | $33.26 | −$3.62 |
| Feb 19, 2003 | $37.02 | $33.16 | −$3.86 |
| Feb 20, 2003 | $36.45 | $32.76 | −$3.69 |
| Feb 21, 2003 | $36.76 | $32.76 | −$4.00 |
| Feb 24, 2003 | $37.29 | $33.41 | −$3.88 |
| Feb 25, 2003 | $36.06 | $33.64 | −$2.42 |
| Feb 26, 2003 | $37.96 | $33.46 | −$4.50 |
| Feb 27, 2003 | $36.83 | $34.09 | −$2.74 |
| Feb 28, 2003 | $36.76 | $34.00 | −$2.76 |
| Mar 3, 2003 | $36.10 | $33.40 | −$2.70 |
| Mar 4, 2003 | $36.95 | $34.37 | −$2.58 |
| Mar 5, 2003 | $36.86 | $33.92 | −$2.94 |
| Mar 6, 2003 | $37.21 | $34.39 | −$2.82 |
| Mar 7, 2003 | $37.76 | $34.47 | −$3.29 |
| Mar 10, 2003 | $37.18 | $34.94 | −$2.24 |
| Mar 11, 2003 | $36.81 | $34.06 | −$2.75 |
| Mar 12, 2003 | $37.87 | $34.16 | −$3.71 |
| Mar 13, 2003 | $36.05 | $33.98 | −$2.07 |
| Mar 14, 2003 | $35.41 | $31.48 | −$3.93 |
| Mar 17, 2003 | $34.92 | $30.35 | −$4.57 |
| Mar 18, 2003 | $31.55 | $28.55 | −$3.00 |
| Mar 19, 2003 | $30.01 | $28.40 | −$1.61 |
| Mar 20, 2003 | $28.62 | $28.00 | −$0.62 |
| Mar 21, 2003 | $27.18 | $25.59 | −$1.59 |
| Mar 24, 2003 | $29.51 | $26.54 | −$2.97 |
| Mar 25, 2003 | $33.42 | $27.28 | −$6.14 |
| Mar 26, 2003 | $28.71 | $25.98 | −$2.73 |
| Mar 27, 2003 | $30.31 | $27.29 | −$3.02 |
| Mar 28, 2003 | $30.21 | $27.66 | −$2.55 |
| Mar 31, 2003 | $31.14 | $28.05 | −$3.09 |
| Apr 1, 2003 | $29.48 | $27.94 | −$1.54 |
| Apr 2, 2003 | $28.55 | $26.29 | −$2.26 |
| Apr 3, 2003 | $29.05 | $26.75 | −$2.30 |
| Apr 4, 2003 | $28.41 | $25.62 | −$2.79 |
| Apr 7, 2003 | $27.76 | $25.27 | −$2.49 |
| Apr 8, 2003 | $27.97 | $24.88 | −$3.09 |
| Apr 9, 2003 | $28.93 | $25.11 | −$3.82 |
| Apr 10, 2003 | $27.20 | $25.16 | −$2.04 |
| Apr 11, 2003 | $28.28 | $24.39 | −$3.89 |
| Apr 14, 2003 | $28.41 | $24.72 | −$3.69 |
| Apr 15, 2003 | $29.46 | $24.74 | −$4.72 |
| Apr 16, 2003 | $29.16 | $24.86 | −$4.30 |
| Apr 17, 2003 | $30.10 | $25.36 | −$4.74 |
| Apr 18, 2003 | — | $25.76 | — |
| Apr 21, 2003 | $30.76 | $25.76 | −$5.00 |
| Apr 22, 2003 | $29.92 | $25.72 | −$4.20 |
| Apr 23, 2003 | $28.04 | $24.56 | −$3.48 |
| Apr 24, 2003 | $27.52 | $24.06 | −$3.46 |
| Apr 25, 2003 | $25.92 | $24.29 | −$1.63 |
| Apr 28, 2003 | $25.25 | $23.42 | −$1.83 |
| Apr 29, 2003 | $25.32 | $23.23 | −$2.09 |
| Apr 30, 2003 | $26.09 | $23.60 | −$2.49 |
| May 1, 2003 | $26.05 | $23.79 | −$2.26 |
| May 2, 2003 | $25.74 | $23.73 | −$2.01 |
| May 5, 2003 | $26.43 | $23.59 | −$2.84 |
| May 6, 2003 | $25.65 | $23.91 | −$1.74 |
| May 7, 2003 | $26.24 | $24.01 | −$2.23 |
| May 8, 2003 | $26.94 | $24.48 | −$2.46 |
| May 9, 2003 | $27.65 | $25.55 | −$2.10 |
| May 12, 2003 | $27.34 | $25.69 | −$1.65 |
| May 13, 2003 | $28.51 | $25.45 | −$3.06 |
| May 14, 2003 | $29.21 | $25.98 | −$3.23 |
| May 15, 2003 | $28.57 | $26.77 | −$1.80 |
| May 16, 2003 | $29.07 | $27.18 | −$1.89 |
| May 19, 2003 | $28.84 | $27.23 | −$1.61 |
| May 20, 2003 | $29.29 | $26.69 | −$2.60 |
| May 21, 2003 | $29.51 | $27.58 | −$1.93 |
| May 22, 2003 | $29.09 | $27.32 | −$1.77 |
| May 23, 2003 | $29.74 | $27.14 | −$2.60 |
| May 26, 2003 | — | $26.78 | — |
| May 27, 2003 | $29.24 | $26.55 | −$2.69 |
| May 28, 2003 | $28.46 | $26.48 | −$1.98 |
| May 29, 2003 | $29.15 | $26.39 | −$2.76 |
| May 30, 2003 | $29.56 | $26.58 | −$2.98 |
| Jun 2, 2003 | $30.72 | $27.56 | −$3.16 |
| Jun 3, 2003 | $30.78 | $27.99 | −$2.79 |
| Jun 4, 2003 | $29.81 | $27.49 | −$2.32 |
| Jun 5, 2003 | $30.84 | $28.16 | −$2.68 |
| Jun 6, 2003 | $31.26 | $28.38 | −$2.88 |
| Jun 9, 2003 | $31.36 | $28.62 | −$2.74 |
| Jun 10, 2003 | $31.72 | $28.44 | −$3.28 |
| Jun 11, 2003 | $32.17 | $28.97 | −$3.20 |
| Jun 12, 2003 | $31.41 | $28.48 | −$2.93 |
| Jun 13, 2003 | $30.63 | $27.39 | −$3.24 |
| Jun 16, 2003 | $31.14 | $27.50 | −$3.64 |
| Jun 17, 2003 | $31.08 | $27.14 | −$3.94 |
| Jun 18, 2003 | $30.28 | $26.43 | −$3.85 |
| Jun 19, 2003 | $29.86 | $26.21 | −$3.65 |
| Jun 20, 2003 | $30.63 | $27.13 | −$3.50 |
| Jun 23, 2003 | $30.22 | $27.13 | −$3.09 |
| Jun 24, 2003 | $30.05 | $26.96 | −$3.09 |
| Jun 25, 2003 | $31.65 | $27.34 | −$4.31 |
| Jun 26, 2003 | $28.97 | $27.06 | −$1.91 |
| Jun 27, 2003 | $29.18 | $27.45 | −$1.73 |
| Jun 30, 2003 | $30.15 | $28.88 | −$1.27 |
| Jul 1, 2003 | $30.41 | $28.33 | −$2.08 |
| Jul 2, 2003 | $30.29 | $28.20 | −$2.09 |
| Jul 3, 2003 | $30.39 | $28.63 | −$1.76 |
| Jul 4, 2003 | — | $27.97 | — |
| Jul 7, 2003 | $30.08 | $27.23 | −$2.85 |
| Jul 8, 2003 | $30.32 | $27.95 | −$2.37 |
| Jul 9, 2003 | $30.87 | $28.21 | −$2.66 |
| Jul 10, 2003 | $31.04 | $29.37 | −$1.67 |
| Jul 11, 2003 | $31.33 | $29.36 | −$1.97 |
| Jul 14, 2003 | $31.20 | $28.52 | −$2.68 |
| Jul 15, 2003 | $31.60 | $28.87 | −$2.73 |
| Jul 16, 2003 | $31.20 | $28.51 | −$2.69 |
| Jul 17, 2003 | $31.44 | $28.59 | −$2.85 |
| Jul 18, 2003 | $31.96 | $29.20 | −$2.76 |
| Jul 21, 2003 | $31.67 | $28.01 | −$3.66 |
| Jul 22, 2003 | $30.20 | $28.40 | −$1.80 |
| Jul 23, 2003 | $30.13 | $27.67 | −$2.46 |
| Jul 24, 2003 | $30.72 | $27.73 | −$2.99 |
| Jul 25, 2003 | $30.31 | $28.30 | −$2.01 |
| Jul 28, 2003 | $29.98 | $27.71 | −$2.27 |
| Jul 29, 2003 | $30.21 | $28.27 | −$1.94 |
| Jul 30, 2003 | $30.69 | $28.31 | −$2.38 |
| Jul 31, 2003 | $30.56 | $28.68 | −$1.88 |
| Aug 1, 2003 | $32.23 | $29.63 | −$2.60 |
| Aug 4, 2003 | $31.80 | $29.91 | −$1.89 |
| Aug 5, 2003 | $32.34 | $30.37 | −$1.97 |
| Aug 6, 2003 | $31.77 | $30.01 | −$1.76 |
| Aug 7, 2003 | $32.41 | $30.06 | −$2.35 |
| Aug 8, 2003 | $32.23 | $30.59 | −$1.64 |
| Aug 11, 2003 | $31.91 | $30.05 | −$1.86 |
| Aug 12, 2003 | $31.91 | $30.13 | −$1.78 |
| Aug 13, 2003 | $30.85 | $29.66 | −$1.19 |
| Aug 14, 2003 | $30.85 | $28.96 | −$1.89 |
| Aug 15, 2003 | $31.01 | $29.18 | −$1.83 |
| Aug 18, 2003 | $30.81 | $29.88 | −$0.93 |
| Aug 19, 2003 | $30.76 | $29.18 | −$1.58 |
| Aug 20, 2003 | $30.96 | $29.28 | −$1.68 |
| Aug 21, 2003 | $31.78 | $29.95 | −$1.83 |
| Aug 22, 2003 | $31.64 | $30.22 | −$1.42 |
| Aug 25, 2003 | $31.43 | $29.98 | −$1.45 |
| Aug 26, 2003 | $32.01 | $30.08 | −$1.93 |
| Aug 27, 2003 | $31.18 | $30.05 | −$1.13 |
| Aug 28, 2003 | $31.41 | $30.10 | −$1.31 |
| Aug 29, 2003 | $31.76 | $30.38 | −$1.38 |
| Sep 1, 2003 | — | $29.64 | — |
| Sep 2, 2003 | $29.57 | $28.08 | −$1.49 |
| Sep 3, 2003 | $29.43 | $27.89 | −$1.54 |
| Sep 4, 2003 | $28.87 | $27.49 | −$1.38 |
| Sep 5, 2003 | $28.93 | $27.72 | −$1.21 |
| Sep 8, 2003 | $28.85 | $28.47 | −$0.38 |
| Sep 9, 2003 | $29.22 | $27.64 | −$1.58 |
| Sep 10, 2003 | $29.41 | $27.76 | −$1.65 |
| Sep 11, 2003 | $28.86 | $27.48 | −$1.38 |
| Sep 12, 2003 | $28.26 | $26.52 | −$1.74 |
| Sep 15, 2003 | $28.15 | $26.38 | −$1.77 |
| Sep 16, 2003 | $27.60 | $26.28 | −$1.32 |
| Sep 17, 2003 | $27.00 | $25.76 | −$1.24 |
| Sep 18, 2003 | $27.26 | $25.56 | −$1.70 |
| Sep 19, 2003 | $26.93 | $25.51 | −$1.42 |
| Sep 22, 2003 | $26.97 | $25.82 | −$1.15 |
| Sep 23, 2003 | $27.00 | $25.74 | −$1.26 |
| Sep 24, 2003 | $28.19 | $26.81 | −$1.38 |
| Sep 25, 2003 | $28.29 | $27.04 | −$1.25 |
| Sep 26, 2003 | $28.21 | $27.02 | −$1.19 |
| Sep 29, 2003 | $28.35 | $27.77 | −$0.58 |
| Sep 30, 2003 | $29.19 | $28.09 | −$1.10 |
| Oct 1, 2003 | $29.43 | $27.98 | −$1.45 |
| Oct 2, 2003 | $29.83 | $28.90 | −$0.93 |
| Oct 3, 2003 | $30.37 | $29.14 | −$1.23 |
| Oct 6, 2003 | $30.40 | $29.75 | −$0.65 |
| Oct 7, 2003 | $30.48 | $29.35 | −$1.13 |
| Oct 8, 2003 | $29.60 | $28.96 | −$0.64 |
| Oct 9, 2003 | $30.97 | $30.21 | −$0.76 |
| Oct 10, 2003 | $32.01 | $31.13 | −$0.88 |
| Oct 13, 2003 | $31.91 | $31.00 | −$0.91 |
| Oct 14, 2003 | $31.68 | $31.45 | −$0.23 |
| Oct 15, 2003 | $31.74 | $31.23 | −$0.51 |
| Oct 16, 2003 | $31.51 | $31.05 | −$0.46 |
| Oct 17, 2003 | $30.61 | $30.27 | −$0.34 |
| Oct 20, 2003 | $30.37 | $29.78 | −$0.59 |
| Oct 21, 2003 | $30.19 | $29.61 | −$0.58 |
| Oct 22, 2003 | $30.00 | $29.25 | −$0.75 |
| Oct 23, 2003 | $30.31 | $29.63 | −$0.68 |
| Oct 24, 2003 | $29.99 | $30.01 | +$0.02 |
| Oct 27, 2003 | $29.95 | $29.38 | −$0.57 |
| Oct 28, 2003 | $29.57 | $28.99 | −$0.58 |
| Oct 29, 2003 | $28.95 | $28.56 | −$0.39 |
| Oct 30, 2003 | $28.67 | $27.47 | −$1.20 |
| Oct 31, 2003 | $29.24 | $27.88 | −$1.36 |
| Nov 3, 2003 | $28.81 | $27.78 | −$1.03 |
| Nov 4, 2003 | $28.86 | $27.32 | −$1.54 |
| Nov 5, 2003 | $30.29 | $27.90 | −$2.39 |
| Nov 6, 2003 | $30.25 | $28.52 | −$1.73 |
| Nov 7, 2003 | $30.73 | $28.73 | −$2.00 |
| Nov 10, 2003 | $31.01 | $28.82 | −$2.19 |
| Nov 11, 2003 | $31.21 | $28.88 | −$2.33 |
| Nov 12, 2003 | $31.37 | $28.58 | −$2.79 |
| Nov 13, 2003 | $31.89 | $29.01 | −$2.88 |
| Nov 14, 2003 | $32.31 | $29.78 | −$2.53 |
| Nov 17, 2003 | $31.75 | $28.98 | −$2.77 |
| Nov 18, 2003 | $33.16 | $29.26 | −$3.90 |
| Nov 19, 2003 | $32.84 | $30.13 | −$2.71 |
| Nov 20, 2003 | $32.87 | $29.88 | −$2.99 |
| Nov 21, 2003 | $32.26 | $29.79 | −$2.47 |
| Nov 24, 2003 | $29.99 | $27.99 | −$2.00 |
| Nov 25, 2003 | $30.02 | $27.62 | −$2.40 |
| Nov 26, 2003 | $30.33 | $28.23 | −$2.10 |
| Nov 27, 2003 | — | $28.90 | — |
| Nov 28, 2003 | — | $28.95 | — |
| Dec 1, 2003 | $29.89 | $28.17 | −$1.72 |
| Dec 2, 2003 | $30.74 | $29.10 | −$1.64 |
| Dec 3, 2003 | $30.61 | $29.26 | −$1.35 |
| Dec 4, 2003 | $31.24 | $29.25 | −$1.99 |
| Dec 5, 2003 | $30.68 | $28.87 | −$1.81 |
| Dec 8, 2003 | $32.08 | $30.52 | −$1.56 |
| Dec 9, 2003 | $31.72 | $30.27 | −$1.45 |
| Dec 10, 2003 | $31.92 | $30.02 | −$1.90 |
| Dec 11, 2003 | $32.01 | $29.79 | −$2.22 |
| Dec 12, 2003 | $33.06 | $30.24 | −$2.82 |
| Dec 15, 2003 | $33.17 | $30.89 | −$2.28 |
| Dec 16, 2003 | $32.94 | $30.64 | −$2.30 |
| Dec 17, 2003 | $33.36 | $31.01 | −$2.35 |
| Dec 18, 2003 | $33.72 | $30.79 | −$2.93 |
| Dec 19, 2003 | $32.81 | $31.03 | −$1.78 |
| Dec 22, 2003 | $31.71 | $28.78 | −$2.93 |
| Dec 23, 2003 | $32.03 | $28.30 | −$3.73 |
| Dec 24, 2003 | $32.99 | $29.45 | −$3.54 |
| Dec 29, 2003 | $32.51 | $29.17 | −$3.34 |
| Dec 30, 2003 | $33.01 | $30.10 | −$2.91 |
| Dec 31, 2003 | $32.51 | $30.30 | −$2.21 |
“—” means EIA published no price for that benchmark on that date.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB | $/bbl | Jan 2, 2003 – Dec 31, 2003 | Dec 31, 2003 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB | $/bbl | Jan 2, 2003 – Dec 31, 2003 | Dec 31, 2003 |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly and annual average | September 2026 |
Inflation adjustment: real = nominal × CPI-U(September 2026) ÷ CPI-U(period). Annual figures use the BLS annual average CPI-U; a year without one uses the mean of the months published so far.
Last updated: Oct 21, 2026, 5:27 PM CDT. Raw values are shown in source units; any conversion is labeled. See methodology and data sources.
Download:2003 daily prices (CSV)