Oil Prices in May 2023: WTI & Brent Daily Prices and Monthly Average
At $71.58 per barrel, May 2023's WTI average was the lowest monthly average in nominal terms since August 2021, down $7.87 (9.9%) from April 2023. The average was 35% below the $109.55 of May 2022.
Daily spot prices, May 2023
Chart data table (22 rows)
| Period | WTI | Brent |
|---|---|---|
| May 31, 2023 | $68.11 | $71.98 |
| May 30, 2023 | $69.45 | $73.38 |
| May 26, 2023 | $72.35 | $76.33 |
| May 25, 2023 | $71.68 | $75.66 |
| May 24, 2023 | $74.37 | $77.99 |
| May 23, 2023 | $72.87 | $76.66 |
| May 22, 2023 | $71.81 | $75.77 |
| May 19, 2023 | $71.57 | $75.42 |
| May 18, 2023 | $71.82 | $75.75 |
| May 17, 2023 | $72.78 | $76.98 |
| May 16, 2023 | $70.85 | $75.15 |
| May 15, 2023 | $71.07 | $75.46 |
| May 12, 2023 | $70.02 | $74.54 |
| May 11, 2023 | $70.81 | $75.32 |
| May 10, 2023 | $72.53 | $76.70 |
| May 9, 2023 | $73.68 | $77.76 |
| May 8, 2023 | $73.13 | — |
| May 5, 2023 | $71.32 | $75.85 |
| May 4, 2023 | $68.52 | $73.00 |
| May 3, 2023 | $68.62 | $72.91 |
| May 2, 2023 | $71.71 | $76.71 |
| May 1, 2023 | $75.65 | — |
Prices fell over the month, from $75.65 on May 1, 2023 to $68.11 on May 31, 2023. The largest one-day move was −$3.94 on May 2, 2023 (−5.2%).
Brent averaged $75.47; its premium over WTI on matched dates averaged $4.17, with the daily Brent − WTI difference ranging from +$3.62 to +$5.00.
It was the second-lowest monthly average of 2023. Adjusted with CPI-U, the May 2023 average equals $79.30 in September 2026 dollars.
May 2023 summary
| Measure | WTI | Brent |
|---|---|---|
| Monthly average | $71.58 | $75.47 |
| Change vs April 2023 | −$7.87 | −$9.17 |
| Change vs May 2022 | −$37.97 | −$37.87 |
| Highest daily price | $75.65 May 1, 2023 | $77.99 May 24, 2023 |
| Lowest daily price | $68.11 May 31, 2023 | $71.98 May 31, 2023 |
| Published daily observations | 22 | 20 |
| Average in September 2026 dollars (CPI-U) | $79.30 | $83.61 |
Monthly averages are EIA's published figures. Real figures use CPI-U for May 2023.
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | May 1, 2023 – May 31, 2023 | May 31, 2023 |
| U.S. Energy Information Administration | RBRTE — Brent spot price FOB (daily, monthly) | $/bbl | May 2, 2023 – May 31, 2023 | May 31, 2023 |
| 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:2023 daily prices (CSV)