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Oil Price (WTI) in 1990

The oil price (WTI) rose 30.4% in 1990, from $21.84 at the end of 1989 to $28.48. Its highest close was $41.07 on Oct 11 — a record that stood until May 14, 2004, and its lowest $15.43 on Jun 20. The biggest one-day fall was −15.8% on Oct 22 and the biggest rise +20.8% on Aug 6. Adjusted for inflation, it gained 22.9%.

Change in 1990
+30.4%
$21.84 → $28.48
High
$41.07
Oct 11
Low
$15.43
Jun 20
After inflation
+22.9%
US CPI
Up days
123 of 253
longest run 7 up, 8 down
Record highs
13
closing records

Oil Price (WTI), daily closes 1990

Numbers mark the events below
$18$28$39previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Mar 20: Enters a bear market: 20% below its peak of $24.48 (January 25, 1990).2Jun 20: Bear market low: $15.43, 37.0% below the peak.3Aug 2: Iraq invades Kuwait, beginning the Gulf crisis.4Aug 6: UN Security Council Resolution 661 imposes economic sanctions on Iraq, including an embargo on its oil.5Aug 6: WTI oil sets the first of 13 record closing highs this year, at $28.73. Back above its pre-bear-market peak of $24.48 (January 25, 1990). Back above its pre-bear-market peak of $24.62 (April 20, 1989). Back above its pre-bear-market peak of $26.53 (January 6, 1986).6Aug 22: WTI oil closes above $30 for the first time ($30.52).7Oct 9: WTI oil closes above $40 for the first time ($40.73).8Oct 11: Last record close of the year: $41.07.9Oct 22: Enters a bear market: 20% below its peak of $41.07 (October 11, 1990). Bear market low: $28.46, 30.7% below the peak. Biggest one-day fall of the year: −15.8%.10Nov 29: UN Security Council Resolution 678 sets a 15 January 1991 deadline for Iraq to leave Kuwait.11Dec 5: Enters a bear market: 20% below its peak of $35.61 (November 8, 1990).

Key Events in 1990

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

  1. 1
    Tuesday, March 20 From the data
    Enters a bear market: 20% below its peak of $24.48 (January 25, 1990).
  2. 2
    Wednesday, June 20 From the data
    Bear market low: $15.43, 37.0% below the peak.
  3. 3
    Thursday, August 2
    Iraq invades Kuwait, beginning the Gulf crisis. Source
    WTI oil: +9.8% that day · +24.9% a month later
  4. 4
    Monday, August 6
    UN Security Council Resolution 661 imposes economic sanctions on Iraq, including an embargo on its oil. Source
    WTI oil: +20.8% that day · +23.2% a month later
  5. 5
    Monday, August 6 From the data
    WTI oil sets the first of 13 record closing highs this year, at $28.73. Back above its pre-bear-market peak of $24.48 (January 25, 1990). Back above its pre-bear-market peak of $24.62 (April 20, 1989). Back above its pre-bear-market peak of $26.53 (January 6, 1986).
  6. 6
    Wednesday, August 22 From the data
    WTI oil closes above $30 for the first time ($30.52).
  7. 7
    Tuesday, October 9 From the data
    WTI oil closes above $40 for the first time ($40.73).
  8. 8
    Thursday, October 11 From the data
    Last record close of the year: $41.07.
  9. 9
    Monday, October 22 From the data
    Enters a bear market: 20% below its peak of $41.07 (October 11, 1990). Bear market low: $28.46, 30.7% below the peak. Biggest one-day fall of the year: −15.8%.
  10. 10
    Thursday, November 29
    UN Security Council Resolution 678 sets a 15 January 1991 deadline for Iraq to leave Kuwait. Source
    WTI oil: −1.1% that day · −17.1% a month later
  11. 11
    Wednesday, December 5 From the data
    Enters a bear market: 20% below its peak of $35.61 (November 8, 1990).

Biggest days of 1990

Best daysWorst days
Aug 6+20.8%Oct 22−15.8%
May 29+11.7%Aug 27−12.0%
Oct 25+11.5%Nov 30−11.7%
Aug 2+9.8%Aug 8−11.5%
Nov 7+9.5%Oct 19−8.7%

Volatility: 63.1% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$22.69+3.9%$24.48$21.64
Feb$21.55−5.0%$23.04$21.13
Mar$20.34−5.6%$21.62$19.34
Apr$18.50−9.0%$20.51$16.95
May$17.47−5.6%$19.73$16.02
Jun$17.05−2.4%$17.60$15.43
Jul$20.57+20.6%$20.57$16.49
Aug$27.45+33.4%$31.67$21.59
Sep$39.53+44.0%$39.77$29.30
Oct$35.31−10.7%$41.07$28.46
Nov$29.08−17.6%$35.61$29.08
Dec$28.48−2.1%$29.40$25.30

Other Markets in 1990

Change over the calendar year.

MarketChangeYear-end
Oil Price (WTI)+30.4%$28.48
Dow Jones Industrial Average in 1990−4.3%2,633.66
S&P 500 in 1990−6.6%330.22
Nasdaq Composite in 1990−17.8%373.80
Russell 2000 in 1990−21.5%132.20
Nikkei 225 in 1990−38.7%23,849.00
Gold in 1990−3.1%$386.20
Silver in 1990−19.6%$4.19
Brent crude oil in 1990+34.7%$28.35
US 10-year Treasury yield in 1990+0.15 pp8.08%
1990199119921993199419951996199719981999

Oil Price (WTI) in 1990: FAQ

How much did the oil price (WTI) rise in 1990?

The oil price (WTI) rose 30.4% in 1990, from $21.84 at the end of 1989 to $28.48. Its highest close was $41.07 on Oct 11 — a record that stood until May 14, 2004, and its lowest $15.43 on Jun 20. The biggest one-day fall was −15.8% on Oct 22 and the biggest rise +20.8% on Aug 6. Adjusted for inflation, it gained 22.9%.

What were the highest and lowest closes of the oil price (WTI) in 1990?

Highest: $41.07 on October 11, 1990. Lowest: $15.43 on June 20, 1990. It closed higher on 123 of 253 trading days.

What happened to the oil price (WTI) on August 6, 1990?

UN Security Council Resolution 661 imposes economic sanctions on Iraq, including an embargo on its oil. The oil price (WTI) rose 20.8% that day, and was +23.2% a month later.

Did the oil price (WTI) reach a record high in 1990?

Yes — 13 record closing highs, the last at $41.07 on October 11, 1990.

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.