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Oil Price (WTI) in 1988

The oil price (WTI) rose 2.3% in 1988, from $16.74 at the end of 1987 to $17.12. Its highest close was $18.54 on Apr 26, and its lowest $12.58 on Oct 5. The biggest one-day fall was −9.0% on Oct 24 and the biggest rise +9.4% on Nov 25. Adjusted for inflation, it lost 2.1%.

Change in 1988
+2.3%
$16.74 → $17.12
High
$18.54
Apr 26
Low
$12.58
Oct 5
After inflation
−2.1%
US CPI
Up days
137 of 253
longest run 8 up, 4 down
Below record
-35.5%
at the end of 1988

Oil Price (WTI), daily closes 1988

Numbers mark the events below
$13$16$18JanFebMarAprMayJunJulAugSepOctNovDec1Jul 11: Enters a bear market: 20% below its peak of $18.54 (April 26, 1988).2Aug 20: Iran-Iraq War ceasefire takes effect.3Oct 5: Bear market low: $12.58, 32.1% below the peak.4Oct 24: Biggest one-day fall of the year: −9.0%.5Nov 8: George H. W. Bush is elected US president.6Nov 25: Biggest one-day rise of the year: +9.4%.

Key Events in 1988

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

  1. 1
    Monday, July 11 From the data
    Enters a bear market: 20% below its peak of $18.54 (April 26, 1988).
  2. 2
    Saturday, August 20
    Iran-Iraq War ceasefire takes effect. Source
    WTI oil: −0.1% next trading day (Aug 22) · −4.4% a month later
  3. 3
    Wednesday, October 5 From the data
    Bear market low: $12.58, 32.1% below the peak.
  4. 4
    Monday, October 24 From the data
    Biggest one-day fall of the year: −9.0%.
  5. 5
    Tuesday, November 8
    George H. W. Bush is elected US president. Source
    WTI oil: −2.7% that day · +12.2% a month later
  6. 6
    Friday, November 25 From the data
    Biggest one-day rise of the year: +9.4%.

Biggest days of 1988

Best daysWorst days
Nov 25+9.4%Oct 24−9.0%
Dec 20+8.9%Sep 23−6.5%
Nov 22+7.6%Oct 20−5.8%
Jul 18+6.7%Jul 11−5.6%
Jan 4+6.2%May 2−5.4%

Volatility: 37.4% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$16.97+1.4%$17.89$16.56
Feb$15.98−5.8%$17.70$15.77
Mar$17.09+6.9%$17.09$15.35
Apr$18.10+5.9%$18.54$16.72
May$17.54−3.1%$17.72$17.01
Jun$15.20−13.3%$17.67$15.20
Jul$16.37+7.7%$16.37$14.35
Aug$15.19−7.2%$16.07$15.12
Sep$13.33−12.2%$15.38$13.33
Oct$13.54+1.6%$15.33$12.58
Nov$15.42+13.9%$15.43$13.30
Dec$17.12+11.0%$17.68$15.36

Other Markets in 1988

Change over the calendar year.

MarketChangeYear-end
Oil Price (WTI)+2.3%$17.12
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
Brent crude oil in 1988−7.8%$16.23
US 10-year Treasury yield in 1988+0.31 pp9.14%
1986198719881989

Oil Price (WTI) in 1988: FAQ

How much did the oil price (WTI) rise in 1988?

The oil price (WTI) rose 2.3% in 1988, from $16.74 at the end of 1987 to $17.12. Its highest close was $18.54 on Apr 26, and its lowest $12.58 on Oct 5. The biggest one-day fall was −9.0% on Oct 24 and the biggest rise +9.4% on Nov 25. Adjusted for inflation, it lost 2.1%.

What were the highest and lowest closes of the oil price (WTI) in 1988?

Highest: $18.54 on April 26, 1988. Lowest: $12.58 on October 5, 1988. It closed higher on 137 of 253 trading days.

What happened to the oil price (WTI) on November 8, 1988?

George H. W. Bush is elected US president. The oil price (WTI) fell 2.7% that day, and was +12.2% a month later.

Data: WTI Cushing spot price (EIA via FRED) from 1986, NYMEX front-month 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.