Oil Prices in March 2004: WTI & Brent Daily Prices and Monthly Average
At $36.74 per barrel, March 2004's WTI average was the highest monthly average in nominal terms since EIA's records began in 1986, up $2.05 (5.9%) from February 2004. A year earlier, in March 2003, it averaged $33.51, so the price was higher by $3.23 (9.6%) year over year.
Daily spot prices, March 2004
Chart data table (23 rows)
| Period | WTI | Brent |
|---|---|---|
| Mar 31, 2004 | $35.75 | $32.29 |
| Mar 30, 2004 | $36.15 | $33.04 |
| Mar 29, 2004 | $35.41 | $32.04 |
| Mar 26, 2004 | $35.61 | $32.51 |
| Mar 25, 2004 | $35.67 | $33.32 |
| Mar 24, 2004 | $37.06 | $34.14 |
| Mar 23, 2004 | $37.81 | $34.40 |
| Mar 22, 2004 | $37.12 | $33.57 |
| Mar 19, 2004 | $38.09 | $34.33 |
| Mar 18, 2004 | $37.81 | $34.43 |
| Mar 17, 2004 | $38.21 | $34.95 |
| Mar 16, 2004 | $37.36 | $34.72 |
| Mar 15, 2004 | $37.44 | $34.39 |
| Mar 12, 2004 | $36.21 | $32.76 |
| Mar 11, 2004 | $36.95 | $33.22 |
| Mar 10, 2004 | $36.21 | $32.83 |
| Mar 9, 2004 | $36.29 | $33.72 |
| Mar 8, 2004 | $36.53 | $34.27 |
| Mar 5, 2004 | $37.31 | $34.40 |
| Mar 4, 2004 | $36.81 | $33.45 |
| Mar 3, 2004 | $35.80 | $33.32 |
| Mar 2, 2004 | $36.60 | $34.15 |
| Mar 1, 2004 | $36.85 | $33.34 |
Prices peaked at $38.21 on Mar 17, 2004, then fell to $35.41 on Mar 29, 2004 and ended at $35.75.
Brent traded below WTI on average this month: $33.63 for the month, $3.11 under WTI across 23 matched dates.
Adjusted with CPI-U, the March 2004 average equals $66.06 in September 2026 dollars.
March 2004 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $36.74 | $33.63 |
| Change vs February 2004 | +$2.05 | +$2.77 |
| Change vs March 2003 | +$3.23 | +$3.02 |
| Highest daily price | $38.21 Mar 17, 2004 | $34.95 Mar 17, 2004 |
| Lowest daily price | $35.41 Mar 29, 2004 | $32.04 Mar 29, 2004 |
| Published daily observations | 23 | 23 |
| Average in September 2026 dollars (CPI-U) | $66.06 | $60.47 |
Monthly averages are EIA's published figures. Real figures use CPI-U for March 2004.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Mar 1, 2004 – Mar 31, 2004 | Mar 31, 2004 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | Mar 1, 2004 – Mar 31, 2004 | Mar 31, 2004 |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly | September 2026 |
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:2004 daily prices (CSV)