Oil Prices in the 1990s: WTI & Brent Decade Averages
Across the 1990s, WTI averaged $19.70 per barrel, the mean of 120 monthly averages; that is higher by $2.25 (12.9%) than the 1980s (whose EIA data begins in 1986).
By year, the highest WTI average was $24.53 in 1990 and the lowest $14.42 in 1998. The sharpest annual decline came in 1998, down $6.19, larger than the biggest increase, up $4.92 in 1999. Daily prices ranged from $10.82 (Dec 10, 1998) to $41.07 (Oct 11, 1990).
Annual average prices, 1990s
| Year | WTI avg | vs prior year | WTI high | WTI low | Brent avg | Brent − WTI | WTI (September 2026 $) | Brent (September 2026 $) |
|---|---|---|---|---|---|---|---|---|
| 1990 | $24.53 | — | $41.07 | $15.43 | $23.76 | −$0.79 | $63.24 | $61.25 |
| 1991 | $21.54 | −12.2% | $32.25 | $17.43 | $20.04 | −$1.50 | $53.29 | $49.58 |
| 1992 | $20.58 | −4.5% | $23.03 | $17.89 | $19.32 | −$1.26 | $49.42 | $46.40 |
| 1993 | $18.43 | −10.4% | $21.05 | $13.98 | $17.01 | −$1.40 | $42.97 | $39.66 |
| 1994 | $17.20 | −6.7% | $20.72 | $13.89 | $15.86 | −$1.36 | $39.11 | $36.06 |
| 1995 | $18.43 | +7.2% | $20.53 | $16.86 | $17.02 | −$1.40 | $40.75 | $37.63 |
| 1996 | $22.12 | +20.0% | $26.55 | $17.33 | $20.64 | −$1.47 | $47.50 | $44.32 |
| 1997 | $20.61 | −6.8% | $26.55 | $17.60 | $19.11 | −$1.49 | $43.27 | $40.12 |
| 1998 | $14.42 | −30.0% | $17.93 | $10.82 | $12.76 | −$1.66 | $29.81 | $26.38 |
| 1999 | $19.34 | +34.1% | $28.03 | $11.38 | $17.90 | −$1.40 | $39.11 | $36.20 |
Brent averaged $18.33 over 120 months. On 2,495 dates with both prices published, Brent was on average $1.37 below WTI.
In September 2026 dollars, using CPI-U month by month, the decade's WTI average is about $44.79 per barrel.
Compared with adjacent decades
| Decade | WTI average | WTI (September 2026 $) | Brent average | Highest WTI | Date | Lowest WTI | Date |
|---|---|---|---|---|---|---|---|
| 1980s | $17.46 | $50.50 | $17.08 | $26.53 | Jan 6, 1986 | $10.25 | Mar 31, 1986 |
| 1990s | $19.70 | $44.79 | $18.33 | $41.07 | Oct 11, 1990 | $10.82 | Dec 10, 1998 |
| 2000s | $51.10 | $86.55 | $49.54 | $145.31 | Jul 3, 2008 | $17.50 | Nov 15, 2001 |
Decade averages are the mean of monthly averages (EIA's published monthly figures where available). Real values adjust each month with that month's CPI-U; months without published CPI-U are omitted from the real average.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB | $/bbl | Jan 2, 1990 – Dec 30, 1999 | Dec 30, 1999 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB | $/bbl | Jan 2, 1990 – Dec 30, 1999 | Dec 30, 1999 |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly and annual average | 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.
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