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Brent Oil Price in 1988

The brent oil price fell 7.8% in 1988, from $17.60 at the end of 1987 to $16.23. Its highest close was $17.95 on Jan 4, and its lowest $11.20 on Oct 5. The biggest one-day fall was −9.5% on Oct 24 and the biggest rise +13.3% on Nov 25. Adjusted for inflation, it lost 11.7%.

Change in 1988
−7.8%
$17.60 → $16.23
High
$17.95
Jan 4
Low
$11.20
Oct 5
After inflation
−11.7%
US CPI
Up days
120 of 255
longest run 8 up, 10 down
Below record
-22.5%
at the end of 1988

Brent Oil Price, daily closes 1988

Numbers mark the events below
$12$15$17JanFebMarAprMayJunJulAugSepOctNovDec1Mar 2: Bear market low: $13.80, 34.1% below the peak.2Jul 1: Enters a bear market: 20% below its peak of $17.45 (April 18, 1988).3Aug 20: Iran-Iraq War ceasefire takes effect.4Oct 5: Bear market low: $11.20, 35.8% below the peak.5Oct 24: Biggest one-day fall of the year: −9.5%.6Nov 8: George H. W. Bush is elected US president.7Nov 25: Biggest one-day rise of the year: +13.3%.

Key Events in 1988

What happened, and how the Brent oil moved — on the day (or the next trading day) and about a month later.

  1. 1
    Wednesday, March 2 From the data
    Bear market low: $13.80, 34.1% below the peak.
  2. 2
    Friday, July 1 From the data
    Enters a bear market: 20% below its peak of $17.45 (April 18, 1988).
  3. 3
    Saturday, August 20
    Iran-Iraq War ceasefire takes effect. Source
    Brent oil: +1.2% next trading day (Aug 22) · −13.5% a month later
  4. 4
    Wednesday, October 5 From the data
    Bear market low: $11.20, 35.8% below the peak.
  5. 5
    Monday, October 24 From the data
    Biggest one-day fall of the year: −9.5%.
  6. 6
    Tuesday, November 8
    George H. W. Bush is elected US president. Source
    Brent oil: −1.2% that day · +12.9% a month later
  7. 7
    Friday, November 25 From the data
    Biggest one-day rise of the year: +13.3%.

Biggest days of 1988

Best daysWorst days
Nov 25+13.3%Oct 24−9.5%
Nov 22+10.1%Jan 8−5.7%
Oct 10+7.5%Nov 17−5.1%
Jul 7+6.9%Jan 5−4.8%
Dec 27+5.7%Oct 18−4.8%

Volatility: 38.1% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$16.28−7.5%$17.95$15.95
Feb$14.73−9.5%$16.50$14.65
Mar$15.65+6.2%$15.70$13.80
Apr$16.60+6.1%$17.45$15.38
May$16.20−2.4%$16.60$15.95
Jun$14.18−12.5%$16.45$14.18
Jul$15.75+11.1%$15.83$13.95
Aug$14.40−8.6%$15.60$14.40
Sep$11.93−17.2%$14.15$11.93
Oct$12.60+5.6%$13.55$11.20
Nov$14.35+13.9%$14.73$12.05
Dec$16.23+13.1%$16.25$14.40

Other Markets in 1988

Change over the calendar year.

MarketChangeYear-end
Brent Oil Price−7.8%$16.23
Dow Jones Industrial Average in 1988+11.8%2,168.57
S&P 500 in 1988+12.4%277.72
Nasdaq Composite in 1988+15.4%381.40
Russell 2000 in 1988+22.4%147.37
Nikkei 225 in 1988+39.9%30,159.00
Gold in 1988−15.3%$410.25
Silver in 1988−9.7%$6.05
WTI crude oil in 1988+2.3%$17.12
US 10-year Treasury yield in 1988+0.31 pp9.14%
198719881989

Brent Oil Price in 1988: FAQ

How much did the brent oil price fall in 1988?

The brent oil price fell 7.8% in 1988, from $17.60 at the end of 1987 to $16.23. Its highest close was $17.95 on Jan 4, and its lowest $11.20 on Oct 5. The biggest one-day fall was −9.5% on Oct 24 and the biggest rise +13.3% on Nov 25. Adjusted for inflation, it lost 11.7%.

What were the highest and lowest closes of the brent oil price in 1988?

Highest: $17.95 on January 4, 1988. Lowest: $11.20 on October 5, 1988. It closed higher on 120 of 255 trading days.

What happened to the brent oil price on August 20, 1988?

Iran-Iraq War ceasefire takes effect. The brent oil price rose 1.2% on the next trading day (August 22, 1988), and was −13.5% a month later.

Data: Europe Brent spot price (EIA) from 1987, ICE Brent futures closes after that. Inflation: US CPI-U. Events marked "From the data" are found automatically from the closing prices; the others are researched, with the source linked. Not investment advice.