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Oil Prices in 2003: WTI & Brent History and Monthly Averages

WTI average
$31.08
EIA annual average
WTI vs prior year
+18.7%
2002: $26.18
Brent average
$28.85
EIA annual average
Brent vs prior year
+15.4%
2002: $24.99

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

Monthly averages and daily ranges, 2003 ($/bbl)
MonthWTI avgWTI highWTI lowBrent avgBrent − 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

MeasureWTIBrentBrent − 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 observations250258250 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)
DateWTIBrentBrent − 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

ProviderSeriesUnitsCoverageLatest observation
U.S. Energy Information AdministrationRWTC — WTI spot price FOB$/bblJan 2, 2003 – Dec 31, 2003Dec 31, 2003
U.S. Energy Information AdministrationRBRTE — Brent spot price FOB$/bblJan 2, 2003 – Dec 31, 2003Dec 31, 2003
U.S. Bureau of Labor StatisticsCUUR0000SA0 — CPI-U, all items, NSAindex, 1982–84=100monthly and annual averageSeptember 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)