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Brent Oil Price in 2008

The brent oil price fell 61.8% in 2008, from $93.68 at the end of 2007 to $35.82. Its highest close was $143.95 on Jul 3 — a record that has not been beaten since, and its lowest $33.73 on Dec 26. The biggest one-day fall was −15.5% on Dec 5 and the biggest rise +10.7% on Dec 11. Adjusted for inflation, it lost 61.8%.

Change in 2008
−61.8%
$93.68 → $35.82
High
$143.95
Jul 3
Low
$33.73
Dec 26
After inflation
−61.8%
US CPI
Up days
117 of 253
longest run 7 up, 8 down
Record highs
35
closing records

Brent Oil Price, daily closes 2008

Numbers mark the events below
$44$89$134previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Jan 2: Brent oil sets the first of 35 record closing highs this year, at $97.01.2Feb 29: Brent oil closes above $100 for the first time ($100.90).3Mar 16: JPMorgan Chase agrees to acquire Bear Stearns for about $2 a share with Fed financing.4Jul 3: Last record close of the year: $143.95.5Jul 11: Crude oil reaches a record $147.27 a barrel on NYMEX.6Aug 6: Enters a bear market: 20% below its peak of $143.95 (July 3, 2008).7Sep 7: Fannie Mae and Freddie Mac are placed into federal conservatorship.8Sep 15: Lehman Brothers files for Chapter 11 bankruptcy protection.9Oct 3: Emergency Economic Stabilization Act is signed, creating the $700 billion TARP.10Dec 5: Bear market low: $37.04, 74.3% below the peak. Biggest one-day fall of the year: −15.5%.11Dec 11: Biggest one-day rise of the year: +10.7%.12Dec 16: Fed cuts its federal funds target to a range of 0 to 0.25%.13Dec 23: Enters a bear market: 20% below its peak of $45.02 (December 15, 2008).14Dec 26: Bear market low: $33.73, 25.1% below the peak.

Key Events in 2008

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

  1. 1
    Wednesday, January 2 From the data
    Brent oil sets the first of 35 record closing highs this year, at $97.01.
  2. 2
    Friday, February 29 From the data
    Brent oil closes above $100 for the first time ($100.90).
  3. 3
    Sunday, March 16
    JPMorgan Chase agrees to acquire Bear Stearns for about $2 a share with Fed financing. Source
    Brent oil: −4.4% next trading day (Mar 17) · +1.5% a month later
  4. 4
    Thursday, July 3 From the data
    Last record close of the year: $143.95.
  5. 5
    Friday, July 11
    Crude oil reaches a record $147.27 a barrel on NYMEX. Source
    Brent oil: +5.8% that day · −16.8% a month later
  6. 6
    Wednesday, August 6 From the data
    Enters a bear market: 20% below its peak of $143.95 (July 3, 2008).
  7. 7
    Sunday, September 7
    Fannie Mae and Freddie Mac are placed into federal conservatorship. Source
    Brent oil: −1.4% next trading day (Sep 8) · −17.4% a month later
  8. 8
    Monday, September 15
    Lehman Brothers files for Chapter 11 bankruptcy protection. Source
    Brent oil: −4.2% that day · −21.2% a month later
  9. 9
    Friday, October 3
    Emergency Economic Stabilization Act is signed, creating the $700 billion TARP. Source
    Brent oil: +0.1% that day · −32.5% a month later
  10. 10
    Friday, December 5 From the data
    Bear market low: $37.04, 74.3% below the peak. Biggest one-day fall of the year: −15.5%.
  11. 11
    Thursday, December 11 From the data
    Biggest one-day rise of the year: +10.7%.
  12. 12
    Tuesday, December 16
    Fed cuts its federal funds target to a range of 0 to 0.25%. Source
    Brent oil: −6.7% that day · −6.0% a month later
  13. 13
    Tuesday, December 23 From the data
    Enters a bear market: 20% below its peak of $45.02 (December 15, 2008).
  14. 14
    Friday, December 26 From the data
    Bear market low: $33.73, 25.1% below the peak.

Biggest days of 2008

Best daysWorst days
Dec 11+10.7%Dec 5−15.5%
Nov 24+10.2%Oct 15−10.8%
Oct 29+8.7%Oct 10−8.7%
Jun 6+8.5%Nov 6−8.1%
Dec 8+8.0%Sep 2−7.5%

Volatility: 49.2% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$91.58−2.2%$98.45$87.06
Feb$100.90+10.2%$100.90$88.55
Mar$102.33+1.4%$109.18$98.60
Apr$111.12+8.6%$116.62$98.69
May$127.85+15.1%$129.72$107.30
Jun$138.40+8.3%$139.38$121.72
Jul$124.10−10.3%$143.95$122.46
Aug$113.49−8.5%$124.16$108.72
Sep$93.52−17.6%$104.94$85.85
Oct$60.00−35.8%$92.19$58.87
Nov$47.72−20.5%$62.78$44.91
Dec$35.82−24.9%$47.58$33.73

Other Markets in 2008

Change over the calendar year.

MarketChangeYear-end
Brent Oil Price−61.8%$35.82
Dow Jones Industrial Average in 2008−33.8%8,776.39
S&P 500 in 2008−38.5%903.25
Nasdaq Composite in 2008−40.5%1,577.03
Russell 2000 in 2008−34.8%499.45
Nikkei 225 in 2008−42.1%8,859.56
Gold in 2008+4.3%$869.75
Silver in 2008−26.9%$10.79
WTI crude oil in 2008−53.5%$44.60
US 10-year Treasury yield in 2008−1.79 pp2.25%
2000200120022003200420052006200720082009

Brent Oil Price in 2008: FAQ

How much did the brent oil price fall in 2008?

The brent oil price fell 61.8% in 2008, from $93.68 at the end of 2007 to $35.82. Its highest close was $143.95 on Jul 3 — a record that has not been beaten since, and its lowest $33.73 on Dec 26. The biggest one-day fall was −15.5% on Dec 5 and the biggest rise +10.7% on Dec 11. Adjusted for inflation, it lost 61.8%.

What were the highest and lowest closes of the brent oil price in 2008?

Highest: $143.95 on July 3, 2008. Lowest: $33.73 on December 26, 2008. It closed higher on 117 of 253 trading days.

What happened to the brent oil price on December 16, 2008?

Fed cuts its federal funds target to a range of 0 to 0.25%. The brent oil price fell 6.7% that day, and was −6.0% a month later.

Did the brent oil price reach a record high in 2008?

Yes — 35 record closing highs, the last at $143.95 on July 3, 2008.

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.