Oil Price (WTI) in 1989
The oil price (WTI) rose 27.6% in 1989, from $17.12 at the end of 1988 to $21.84. Its highest close was $24.62 on Apr 20, and its lowest $16.99 on Jan 4. The biggest one-day fall was −11.7% on Apr 24 and the biggest rise +8.6% on Apr 20. Adjusted for inflation, it gained 21.9%.
Oil Price (WTI), daily closes 1989
Numbers mark the events belowKey Events in 1989
What happened, and how the WTI oil moved — on the day (or the next trading day) and about a month later.
- 1
Monday, January 16 From the dataBack above its pre-bear-market peak of $18.54 (April 26, 1988).
- 2
Friday, March 24The Exxon Valdez runs aground in Alaska's Prince William Sound, spilling oil. SourceWTI oil: +1.9% next trading day (Mar 27) · +2.4% a month later
- 3
Wednesday, April 19 From the dataBack above its pre-bear-market peak of $22.44 (July 16, 1987).
- 4
Thursday, April 20 From the dataBiggest one-day rise of the year: +8.6%.
- 5
Monday, April 24 From the dataBiggest one-day fall of the year: −11.7%.
- 6
Monday, May 8 From the dataEnters a bear market: 20% below its peak of $24.62 (April 20, 1989).
- 7
Tuesday, August 1 From the dataBear market low: $17.91, 27.3% below the peak.
- 8
Thursday, November 9East Germany opens the Berlin Wall. SourceWTI oil: −1.8% that day · +2.2% a month later
Biggest days of 1989
| Best days | Worst days | ||
|---|---|---|---|
| Apr 20 | +8.6% | Apr 24 | −11.7% |
| Dec 18 | +5.1% | May 24 | −9.6% |
| Jun 19 | +4.5% | Jan 23 | −6.3% |
| Jun 14 | +4.5% | Jul 24 | −5.5% |
| Apr 19 | +4.2% | Apr 21 | −5.0% |
Volatility: 33.8% (annualised standard deviation of daily changes).
Month by month
| Month | Close | Change |
|---|---|---|
| Jan | $17.00 | −0.7% |
| Feb | $18.21 | +7.1% |
| Mar | $20.27 | +11.3% |
| Apr | $20.38 | +0.5% |
| May | $19.93 | −2.2% |
| Jun | $20.29 | +1.8% |
| Jul | $18.33 | −9.7% |
| Aug | $18.83 | +2.7% |
| Sep | $20.15 | +7.0% |
| Oct | $19.88 | −1.3% |
| Nov | $19.87 | −0.1% |
| Dec | $21.84 | +9.9% |
Other Markets in 1989
Change over the calendar year.
| Market | Change | Year-end |
|---|---|---|
| Oil Price (WTI) | +27.6% | $21.84 |
| Dow Jones Industrial Average in 1989 | +27.0% | 2,753.20 |
| S&P 500 in 1989 | +27.3% | 353.40 |
| Nasdaq Composite in 1989 | +19.2% | 454.80 |
| Russell 2000 in 1989 | +14.2% | 168.31 |
| Nikkei 225 in 1989 | +29.0% | 38,916.00 |
| Gold in 1989 | −2.8% | $398.60 |
| Silver in 1989 | −13.8% | $5.22 |
| Brent crude oil in 1989 | +29.7% | $21.05 |
| US 10-year Treasury yield in 1989 | −1.21 pp | 7.93% |
Oil Price (WTI) in 1989: FAQ
How much did the oil price (WTI) rise in 1989?
The oil price (WTI) rose 27.6% in 1989, from $17.12 at the end of 1988 to $21.84. Its highest close was $24.62 on Apr 20, and its lowest $16.99 on Jan 4. The biggest one-day fall was −11.7% on Apr 24 and the biggest rise +8.6% on Apr 20. Adjusted for inflation, it gained 21.9%.
What were the highest and lowest closes of the oil price (WTI) in 1989?
Highest: $24.62 on April 20, 1989. Lowest: $16.99 on January 4, 1989. It closed higher on 134 of 253 trading days.
What happened to the oil price (WTI) on March 24, 1989?
The Exxon Valdez runs aground in Alaska's Prince William Sound, spilling oil. The oil price (WTI) rose 1.9% on the next trading day (March 27, 1989), and was +2.4% 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.