Oil Prices in 1998: WTI & Brent History and Monthly Averages
Brent's lowest daily price on record, $9.10, came on Dec 10, 1998. WTI averaged $14.42 per barrel in 1998, down $6.19 (30.0%) from 1997; that was the lowest annual average since EIA's WTI series began in 1986.
Monthly average prices in 1998
| Month | WTI avg | WTI high | WTI low | Brent avg | Brent − WTI (matched dates) | WTI (September 2026 $) | Brent (September 2026 $) |
|---|---|---|---|---|---|---|---|
| January | $16.72 | $17.93 | $15.65 | $15.19 | −$1.55 | $34.86 | $31.67 |
| February | $16.06 | $17.07 | $15.14 | $14.07 | −$1.96 | $33.42 | $29.28 |
| March | $15.12 | $16.92 | $13.41 | $13.10 | −$2.01 | $31.41 | $27.21 |
| April | $15.35 | $16.08 | $13.09 | $13.53 | −$1.83 | $31.83 | $28.05 |
| May | $14.91 | $16.25 | $13.01 | $14.36 | −$0.49 | $30.86 | $29.72 |
| June | $13.72 | $15.24 | $11.69 | $12.21 | −$1.52 | $28.36 | $25.24 |
| July | $14.17 | $14.90 | $13.44 | $12.08 | −$2.08 | $29.26 | $24.94 |
| August | $13.47 | $13.93 | $12.76 | $11.91 | −$1.57 | $27.78 | $24.56 |
| September | $15.03 | $16.19 | $13.62 | $13.34 | −$1.65 | $30.95 | $27.47 |
| October | $14.46 | $15.71 | $13.39 | $12.70 | −$1.76 | $29.71 | $26.09 |
| November | $13.00 | $14.45 | $10.86 | $11.04 | −$1.92 | $26.71 | $22.68 |
| December | $11.35 | $12.55 | $10.82 | $9.82 | −$1.51 | $23.33 | $20.19 |
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 29 times. The steepest fall within the year ran from $17.93 on Jan 29, 1998 to $10.82 on Dec 10, 1998, a 40% drop. From $11.69 on Jun 15, 1998, WTI climbed to $16.19 by Sep 30, 1998, a 38% gain. The price finished the year 30% below its first 1998 close of $17.41.
Brent traded below WTI throughout 1998: its monthly average was lower in every month, and on the 247 matched dates it averaged $1.66 less. Brent averaged $12.76, down $6.35 (33.2%) from 1997.
Monthly averages peaked early, at $16.72 in January, and bottomed at $11.35 in December. In September 2026 dollars (CPI-U), the 1998 average is $29.81, lower than 2025's real average by $38.63 (56.4%). The 1990s as a whole averaged $19.70, so 1998 ran below its decade. Of 40 complete years with an EIA annual average, 1998 ranks lowest.
1998 summary statistics
| Measure | WTI | Brent | Brent − WTI |
|---|---|---|---|
| Average | $14.42 | $12.76 | −$1.66 |
| Change vs 1997 average | −$6.19 | −$6.35 | −$0.17 |
| Highest daily price | $17.93 Jan 29, 1998 | $16.28 Jan 29, 1998 | — |
| Lowest daily price | $10.82 Dec 10, 1998 | $9.10 Dec 10, 1998 | — |
| Highest daily spread | — | — | +$1.86 May 19, 1998 |
| Lowest daily spread | — | — | −$3.11 Jul 15, 1998 |
| First observation | $17.41 Jan 2, 1998 | $15.77 Jan 2, 1998 | — |
| Last observation | $12.14 Dec 31, 1998 | $10.54 Dec 31, 1998 | — |
| Published daily observations | 251 | 253 | 247 matched |
| Average in September 2026 dollars | $29.81 | $26.38 | — |
Daily spot prices in 1998
Show all 257 dates (Jan 2, 1998 – Dec 31, 1998)
| Date | WTI | Brent | Brent − WTI |
|---|---|---|---|
| Jan 2, 1998 | $17.41 | $15.77 | −$1.64 |
| Jan 5, 1998 | $16.95 | $15.29 | −$1.66 |
| Jan 6, 1998 | $16.64 | $15.48 | −$1.16 |
| Jan 7, 1998 | $16.91 | $15.33 | −$1.58 |
| Jan 8, 1998 | $17.01 | $15.47 | −$1.54 |
| Jan 9, 1998 | $16.65 | $15.33 | −$1.32 |
| Jan 12, 1998 | $16.53 | $15.07 | −$1.46 |
| Jan 13, 1998 | $16.44 | $15.08 | −$1.36 |
| Jan 14, 1998 | $16.54 | $14.81 | −$1.73 |
| Jan 15, 1998 | $16.35 | $14.75 | −$1.60 |
| Jan 16, 1998 | $16.48 | $14.89 | −$1.59 |
| Jan 19, 1998 | — | $15.38 | — |
| Jan 20, 1998 | $16.43 | $14.95 | −$1.48 |
| Jan 21, 1998 | $16.05 | $14.67 | −$1.38 |
| Jan 22, 1998 | $15.93 | $14.35 | −$1.58 |
| Jan 23, 1998 | $15.65 | $14.26 | −$1.39 |
| Jan 26, 1998 | $16.96 | $14.79 | −$2.17 |
| Jan 27, 1998 | $17.06 | $15.74 | −$1.32 |
| Jan 28, 1998 | $17.35 | $15.64 | −$1.71 |
| Jan 29, 1998 | $17.93 | $16.28 | −$1.65 |
| Jan 30, 1998 | $17.21 | $15.59 | −$1.62 |
| Feb 2, 1998 | $17.07 | $15.28 | −$1.79 |
| Feb 3, 1998 | $16.43 | $14.87 | −$1.56 |
| Feb 4, 1998 | $16.42 | $14.56 | −$1.86 |
| Feb 5, 1998 | $16.63 | $14.83 | −$1.80 |
| Feb 6, 1998 | $16.72 | $15.05 | −$1.67 |
| Feb 9, 1998 | $16.59 | $14.77 | −$1.82 |
| Feb 10, 1998 | $16.48 | $14.60 | −$1.88 |
| Feb 11, 1998 | $16.17 | $14.35 | −$1.82 |
| Feb 12, 1998 | $15.97 | $14.04 | −$1.93 |
| Feb 13, 1998 | $16.03 | $14.05 | −$1.98 |
| Feb 16, 1998 | — | $13.50 | — |
| Feb 17, 1998 | $15.64 | $13.50 | −$2.14 |
| Feb 18, 1998 | $16.24 | $13.46 | −$2.78 |
| Feb 19, 1998 | $16.12 | $14.02 | −$2.10 |
| Feb 20, 1998 | $16.13 | $13.91 | −$2.22 |
| Feb 23, 1998 | $15.23 | $13.26 | −$1.97 |
| Feb 24, 1998 | $15.14 | $13.08 | −$2.06 |
| Feb 25, 1998 | $15.28 | $13.35 | −$1.93 |
| Feb 26, 1998 | $15.41 | $13.38 | −$2.03 |
| Feb 27, 1998 | $15.44 | $13.53 | −$1.91 |
| Mar 2, 1998 | $15.32 | $13.37 | −$1.95 |
| Mar 3, 1998 | $15.28 | $13.18 | −$2.10 |
| Mar 4, 1998 | $15.33 | $13.09 | −$2.24 |
| Mar 5, 1998 | $15.34 | $13.18 | −$2.16 |
| Mar 6, 1998 | $14.90 | $12.85 | −$2.05 |
| Mar 9, 1998 | $14.58 | $12.24 | −$2.34 |
| Mar 10, 1998 | $14.54 | $12.36 | −$2.18 |
| Mar 11, 1998 | $14.30 | $12.41 | −$1.89 |
| Mar 12, 1998 | $14.40 | $12.30 | −$2.10 |
| Mar 13, 1998 | $14.19 | $12.25 | −$1.94 |
| Mar 16, 1998 | $13.41 | $11.74 | −$1.67 |
| Mar 17, 1998 | $13.67 | $11.05 | −$2.62 |
| Mar 18, 1998 | $14.36 | $12.21 | −$2.15 |
| Mar 19, 1998 | $14.43 | $12.41 | −$2.02 |
| Mar 20, 1998 | $14.31 | $12.35 | −$1.96 |
| Mar 23, 1998 | $16.14 | $14.53 | −$1.61 |
| Mar 24, 1998 | $15.52 | $14.02 | −$1.50 |
| Mar 25, 1998 | $16.69 | $14.41 | −$2.28 |
| Mar 26, 1998 | $16.92 | $15.18 | −$1.74 |
| Mar 27, 1998 | $16.84 | $14.92 | −$1.92 |
| Mar 30, 1998 | $16.32 | $14.35 | −$1.97 |
| Mar 31, 1998 | $15.75 | $13.87 | −$1.88 |
| Apr 1, 1998 | $15.69 | $13.72 | −$1.97 |
| Apr 2, 1998 | $16.04 | $13.38 | −$2.66 |
| Apr 3, 1998 | $16.08 | $13.63 | −$2.45 |
| Apr 6, 1998 | $15.48 | $13.13 | −$2.35 |
| Apr 7, 1998 | $15.39 | $12.82 | −$2.57 |
| Apr 8, 1998 | $15.71 | $12.79 | −$2.92 |
| Apr 9, 1998 | $15.61 | $13.23 | −$2.38 |
| Apr 13, 1998 | $15.35 | — | — |
| Apr 14, 1998 | $15.18 | $13.15 | −$2.03 |
| Apr 15, 1998 | $15.64 | $13.31 | −$2.33 |
| Apr 16, 1998 | $15.97 | $13.68 | −$2.29 |
| Apr 17, 1998 | $15.49 | $14.06 | −$1.43 |
| Apr 20, 1998 | $15.52 | $13.82 | −$1.70 |
| Apr 21, 1998 | $15.57 | $13.95 | −$1.62 |
| Apr 22, 1998 | $15.07 | $13.71 | −$1.36 |
| Apr 23, 1998 | $13.09 | $13.42 | +$0.33 |
| Apr 24, 1998 | $13.23 | $13.32 | +$0.09 |
| Apr 27, 1998 | $15.43 | $13.65 | −$1.78 |
| Apr 28, 1998 | $15.90 | $13.88 | −$2.02 |
| Apr 29, 1998 | $15.43 | $14.09 | −$1.34 |
| Apr 30, 1998 | $15.56 | $13.79 | −$1.77 |
| May 1, 1998 | $16.25 | $14.60 | −$1.65 |
| May 4, 1998 | $15.98 | — | — |
| May 5, 1998 | $15.48 | $14.13 | −$1.35 |
| May 6, 1998 | $15.45 | $13.91 | −$1.54 |
| May 7, 1998 | $15.26 | $13.81 | −$1.45 |
| May 8, 1998 | $15.21 | $13.94 | −$1.27 |
| May 11, 1998 | $15.26 | $14.41 | −$0.85 |
| May 12, 1998 | $15.21 | $14.75 | −$0.46 |
| May 13, 1998 | $15.01 | $14.15 | −$0.86 |
| May 14, 1998 | $15.15 | $14.29 | −$0.86 |
| May 15, 1998 | $14.51 | $14.33 | −$0.18 |
| May 18, 1998 | $14.15 | $14.72 | +$0.57 |
| May 19, 1998 | $13.01 | $14.87 | +$1.86 |
| May 20, 1998 | $13.36 | $14.58 | +$1.22 |
| May 21, 1998 | $14.21 | $14.29 | +$0.08 |
| May 22, 1998 | $14.81 | $14.33 | −$0.48 |
| May 26, 1998 | $14.90 | $14.27 | −$0.63 |
| May 27, 1998 | $14.98 | $14.78 | −$0.20 |
| May 28, 1998 | $14.88 | $14.71 | −$0.17 |
| May 29, 1998 | $15.21 | $14.03 | −$1.18 |
| Jun 1, 1998 | $14.99 | $13.66 | −$1.33 |
| Jun 2, 1998 | $14.81 | $13.62 | −$1.19 |
| Jun 3, 1998 | $14.94 | $13.23 | −$1.71 |
| Jun 4, 1998 | $15.24 | $13.71 | −$1.53 |
| Jun 5, 1998 | $15.13 | $13.95 | −$1.18 |
| Jun 8, 1998 | $14.49 | $13.56 | −$0.93 |
| Jun 9, 1998 | $13.76 | $12.76 | −$1.00 |
| Jun 10, 1998 | $13.54 | $12.23 | −$1.31 |
| Jun 11, 1998 | $12.67 | $12.12 | −$0.55 |
| Jun 12, 1998 | $12.66 | $11.62 | −$1.04 |
| Jun 15, 1998 | $11.69 | $10.77 | −$0.92 |
| Jun 16, 1998 | $12.38 | $10.77 | −$1.61 |
| Jun 17, 1998 | $12.55 | $11.30 | −$1.25 |
| Jun 18, 1998 | $11.80 | $10.88 | −$0.92 |
| Jun 19, 1998 | $11.80 | $10.89 | −$0.91 |
| Jun 22, 1998 | $13.54 | $11.23 | −$2.31 |
| Jun 23, 1998 | $14.65 | $12.09 | −$2.56 |
| Jun 24, 1998 | $14.54 | $12.50 | −$2.04 |
| Jun 25, 1998 | $13.90 | $11.94 | −$1.96 |
| Jun 26, 1998 | $14.21 | $12.04 | −$2.17 |
| Jun 29, 1998 | $14.29 | $11.83 | −$2.46 |
| Jun 30, 1998 | $14.30 | $11.84 | −$2.46 |
| Jul 1, 1998 | $14.47 | $11.93 | −$2.54 |
| Jul 2, 1998 | $14.58 | $11.95 | −$2.63 |
| Jul 3, 1998 | — | $11.79 | — |
| Jul 6, 1998 | $13.87 | $11.70 | −$2.17 |
| Jul 7, 1998 | $13.83 | $11.66 | −$2.17 |
| Jul 8, 1998 | $14.01 | $11.71 | −$2.30 |
| Jul 9, 1998 | $14.01 | $11.61 | −$2.40 |
| Jul 10, 1998 | $13.96 | $11.61 | −$2.35 |
| Jul 13, 1998 | $14.06 | $11.56 | −$2.50 |
| Jul 14, 1998 | $14.87 | $11.83 | −$3.04 |
| Jul 15, 1998 | $14.90 | $11.79 | −$3.11 |
| Jul 16, 1998 | $14.54 | $12.65 | −$1.89 |
| Jul 17, 1998 | $14.02 | $12.38 | −$1.64 |
| Jul 20, 1998 | $13.44 | $12.11 | −$1.33 |
| Jul 21, 1998 | $13.83 | $12.01 | −$1.82 |
| Jul 22, 1998 | $14.29 | $12.21 | −$2.08 |
| Jul 23, 1998 | $13.97 | $12.23 | −$1.74 |
| Jul 24, 1998 | $13.93 | $12.05 | −$1.88 |
| Jul 27, 1998 | $14.37 | $12.53 | −$1.84 |
| Jul 28, 1998 | $14.20 | $12.74 | −$1.46 |
| Jul 29, 1998 | $14.13 | $12.60 | −$1.53 |
| Jul 30, 1998 | $14.25 | $12.55 | −$1.70 |
| Jul 31, 1998 | $14.27 | $12.63 | −$1.64 |
| Aug 3, 1998 | $13.93 | $12.04 | −$1.89 |
| Aug 4, 1998 | $13.69 | $12.03 | −$1.66 |
| Aug 5, 1998 | $13.80 | $12.32 | −$1.48 |
| Aug 6, 1998 | $13.87 | $12.08 | −$1.79 |
| Aug 7, 1998 | $13.85 | $12.05 | −$1.80 |
| Aug 10, 1998 | $13.11 | $11.62 | −$1.49 |
| Aug 11, 1998 | $12.87 | $11.16 | −$1.71 |
| Aug 12, 1998 | $12.76 | $11.24 | −$1.52 |
| Aug 13, 1998 | $13.44 | $11.48 | −$1.96 |
| Aug 14, 1998 | $13.40 | $11.46 | −$1.94 |
| Aug 17, 1998 | $13.26 | $11.93 | −$1.33 |
| Aug 18, 1998 | $13.13 | $11.87 | −$1.26 |
| Aug 19, 1998 | $13.21 | $11.99 | −$1.22 |
| Aug 20, 1998 | $13.62 | $12.21 | −$1.41 |
| Aug 21, 1998 | $13.44 | $12.02 | −$1.42 |
| Aug 24, 1998 | $13.78 | $12.15 | −$1.63 |
| Aug 25, 1998 | $13.90 | $12.43 | −$1.47 |
| Aug 26, 1998 | $13.67 | $12.24 | −$1.43 |
| Aug 27, 1998 | $13.35 | $11.90 | −$1.45 |
| Aug 28, 1998 | $13.54 | $12.06 | −$1.48 |
| Aug 31, 1998 | $13.29 | — | — |
| Sep 1, 1998 | $13.62 | $12.11 | −$1.51 |
| Sep 2, 1998 | $13.72 | $12.05 | −$1.67 |
| Sep 3, 1998 | $14.70 | $12.54 | −$2.16 |
| Sep 4, 1998 | $14.59 | $12.96 | −$1.63 |
| Sep 7, 1998 | — | $12.51 | — |
| Sep 8, 1998 | $14.34 | $12.53 | −$1.81 |
| Sep 9, 1998 | $14.37 | $12.53 | −$1.84 |
| Sep 10, 1998 | $14.71 | $12.82 | −$1.89 |
| Sep 11, 1998 | $14.39 | $12.66 | −$1.73 |
| Sep 14, 1998 | $14.46 | $12.47 | −$1.99 |
| Sep 15, 1998 | $14.72 | $12.61 | −$2.11 |
| Sep 16, 1998 | $14.60 | $12.65 | −$1.95 |
| Sep 17, 1998 | $15.07 | $12.97 | −$2.10 |
| Sep 18, 1998 | $15.53 | $13.92 | −$1.61 |
| Sep 21, 1998 | $15.58 | $14.31 | −$1.27 |
| Sep 22, 1998 | $15.73 | $14.36 | −$1.37 |
| Sep 23, 1998 | $15.80 | $14.67 | −$1.13 |
| Sep 24, 1998 | $15.99 | $14.84 | −$1.15 |
| Sep 25, 1998 | $15.80 | $14.55 | −$1.25 |
| Sep 28, 1998 | $15.74 | $14.41 | −$1.33 |
| Sep 29, 1998 | $16.01 | $14.38 | −$1.63 |
| Sep 30, 1998 | $16.19 | $14.71 | −$1.48 |
| Oct 1, 1998 | $15.52 | $14.46 | −$1.06 |
| Oct 2, 1998 | $15.71 | $14.21 | −$1.50 |
| Oct 5, 1998 | $15.24 | $14.10 | −$1.14 |
| Oct 6, 1998 | $15.60 | $13.98 | −$1.62 |
| Oct 7, 1998 | $15.03 | $13.88 | −$1.15 |
| Oct 8, 1998 | $14.57 | $13.23 | −$1.34 |
| Oct 9, 1998 | $14.64 | $12.87 | −$1.77 |
| Oct 12, 1998 | $14.47 | $13.18 | −$1.29 |
| Oct 13, 1998 | $14.27 | $12.73 | −$1.54 |
| Oct 14, 1998 | $14.09 | $12.26 | −$1.83 |
| Oct 15, 1998 | $14.08 | $11.98 | −$2.10 |
| Oct 16, 1998 | $14.16 | $12.11 | −$2.05 |
| Oct 19, 1998 | $13.39 | $11.60 | −$1.79 |
| Oct 20, 1998 | $13.45 | $11.29 | −$2.16 |
| Oct 21, 1998 | $14.14 | $11.94 | −$2.20 |
| Oct 22, 1998 | $14.00 | $11.68 | −$2.32 |
| Oct 23, 1998 | $14.06 | $12.18 | −$1.88 |
| Oct 26, 1998 | $14.39 | $12.74 | −$1.65 |
| Oct 27, 1998 | $14.19 | $12.46 | −$1.73 |
| Oct 28, 1998 | $14.35 | $12.26 | −$2.09 |
| Oct 29, 1998 | $14.31 | $12.31 | −$2.00 |
| Oct 30, 1998 | $14.48 | $12.00 | −$2.48 |
| Nov 2, 1998 | $14.45 | $12.43 | −$2.02 |
| Nov 3, 1998 | $14.24 | $11.93 | −$2.31 |
| Nov 4, 1998 | $14.09 | $11.88 | −$2.21 |
| Nov 5, 1998 | $13.93 | $11.73 | −$2.20 |
| Nov 6, 1998 | $13.93 | $11.51 | −$2.42 |
| Nov 9, 1998 | $13.39 | $11.15 | −$2.24 |
| Nov 10, 1998 | $13.54 | $11.18 | −$2.36 |
| Nov 11, 1998 | $13.63 | $11.45 | −$2.18 |
| Nov 12, 1998 | $14.04 | $11.56 | −$2.48 |
| Nov 13, 1998 | $13.57 | $11.46 | −$2.11 |
| Nov 16, 1998 | $12.81 | $11.10 | −$1.71 |
| Nov 17, 1998 | $12.46 | $10.62 | −$1.84 |
| Nov 18, 1998 | $12.33 | $10.25 | −$2.08 |
| Nov 19, 1998 | $12.21 | $10.45 | −$1.76 |
| Nov 20, 1998 | $12.20 | $10.40 | −$1.80 |
| Nov 23, 1998 | $12.51 | $10.54 | −$1.97 |
| Nov 24, 1998 | $11.48 | $10.58 | −$0.90 |
| Nov 25, 1998 | $10.86 | $10.51 | −$0.35 |
| Nov 26, 1998 | — | $10.41 | — |
| Nov 27, 1998 | — | $10.77 | — |
| Nov 30, 1998 | $11.37 | $9.91 | −$1.46 |
| Dec 1, 1998 | $11.27 | $9.87 | −$1.40 |
| Dec 2, 1998 | $11.31 | $9.71 | −$1.60 |
| Dec 3, 1998 | $11.25 | $10.05 | −$1.20 |
| Dec 4, 1998 | $11.20 | $9.73 | −$1.47 |
| Dec 7, 1998 | $11.61 | $9.70 | −$1.91 |
| Dec 8, 1998 | $11.33 | $9.68 | −$1.65 |
| Dec 9, 1998 | $11.20 | $9.46 | −$1.74 |
| Dec 10, 1998 | $10.82 | $9.10 | −$1.72 |
| Dec 11, 1998 | $10.86 | $9.26 | −$1.60 |
| Dec 14, 1998 | $11.30 | $9.45 | −$1.85 |
| Dec 15, 1998 | $11.64 | $9.57 | −$2.07 |
| Dec 16, 1998 | $12.55 | $10.87 | −$1.68 |
| Dec 17, 1998 | $11.05 | $9.92 | −$1.13 |
| Dec 18, 1998 | $10.95 | $9.62 | −$1.33 |
| Dec 21, 1998 | $10.86 | $9.45 | −$1.41 |
| Dec 22, 1998 | $10.99 | $9.83 | −$1.16 |
| Dec 23, 1998 | $11.12 | $9.91 | −$1.21 |
| Dec 24, 1998 | $11.03 | $9.91 | −$1.12 |
| Dec 28, 1998 | $11.59 | — | — |
| Dec 29, 1998 | $11.82 | $10.23 | −$1.59 |
| Dec 30, 1998 | $11.75 | $10.45 | −$1.30 |
| Dec 31, 1998 | $12.14 | $10.54 | −$1.60 |
“—” 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, 1998 – Dec 31, 1998 | Dec 31, 1998 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB | $/bbl | Jan 2, 1998 – Dec 31, 1998 | Dec 31, 1998 |
| 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:1998 daily prices (CSV)