Oil Price (WTI) in 1991

The oil price (WTI) fell 32.8% in 1991, from $28.48 at the end of 1990 to $19.15. Its highest close was $32.25 on Jan 16, and its lowest $17.43 on Feb 22. The biggest one-day fall was −33.4% on Jan 17 and the biggest rise +15.2% on Jan 22. Adjusted for inflation, it lost 34.8%.

Change in 1991

−32.8%

$28.48 → $19.15

High

$32.25

Jan 16

Low

$17.43

Feb 22

After inflation

−34.8%

US CPI

Up days

128 of 253

longest run 7 up, 8 down

Below record

-53.4%

at the end of 1991

Oil Price (WTI), daily closes 1991

Numbers mark the events below

Key Events in 1991

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

1
Friday, January 4 From the data

Bear market low: $24.88, 30.1% below the peak.
2
Thursday, January 17

US-led coalition begins Operation Desert Storm air campaign against Iraq. Source

WTI oil: −33.4% that day · −31.0% a month later
3
Thursday, January 17 From the data

Enters a bear market: 20% below its peak of $32.25 (January 16, 1991).
4
Friday, January 18 From the data

Bear market low: $20.05, 37.8% below the peak.
5
Tuesday, January 22 From the data

Biggest one-day rise of the year: +15.2%.
6
Tuesday, February 19 From the data

Enters a bear market: 20% below its peak of $25.63 (January 24, 1991).
7
Friday, February 22 From the data

Bear market low: $17.43, 32.0% below the peak.
8
Thursday, February 28

Operation Desert Storm ends after the 100-hour ground campaign. Source

WTI oil: +1.3% that day · +3.2% a month later
9
Monday, August 19

Hardliners launch a coup attempt against Soviet leader Mikhail Gorbachev; it collapses within days. Source

WTI oil: +5.7% that day · +2.1% a month later
10
Tuesday, December 10 From the data

Enters a bear market: 20% below its peak of $24.12 (October 18, 1991).
11
Thursday, December 26

The Soviet Union is formally dissolved. Source

WTI oil: −0.3% that day · +0.4% a month later

Biggest days of 1991

Best days		Worst days
Jan 22	+15.2%	Jan 17	−33.4%
Jan 14	+9.8%	Jan 28	−12.9%
Jan 7	+9.5%	Feb 21	−8.4%
Jan 21	+7.9%	Jan 2	−6.8%
Jan 24	+6.4%	Feb 15	−6.8%

Volatility: 53.1% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	$21.90	−23.1%	$32.25	$20.05
Feb	$19.28	−12.0%	$22.78	$17.43
Mar	$19.63	+1.8%	$20.78	$19.00
Apr	$20.99	+6.9%	$21.85	$19.28
May	$21.16	+0.8%	$21.92	$20.73
Jun	$20.56	−2.8%	$21.16	$19.70
Jul	$21.70	+5.5%	$22.20	$20.69
Aug	$22.28	+2.7%	$22.50	$21.29
Sep	$22.25	−0.1%	$22.42	$21.36
Oct	$23.29	+4.7%	$24.12	$22.10
Nov	$21.48	−7.8%	$23.85	$21.04
Dec	$19.15	−10.8%	$21.10	$18.28

Other Markets in 1991

Change over the calendar year.

Market	Change	Year-end
Oil Price (WTI)	−32.8%	$19.15
Dow Jones Industrial Average in 1991	+20.3%	3,168.83
S&P 500 in 1991	+26.3%	417.09
Nasdaq Composite in 1991	+56.9%	586.34
Russell 2000 in 1991	+43.7%	189.94
Nikkei 225 in 1991	−3.6%	22,984.00
Gold in 1991	−8.6%	$353.15
Silver in 1991	−7.9%	$3.86
Brent crude oil in 1991	−37.4%	$17.75
US 10-year Treasury yield in 1991	−1.37 pp	6.71%

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

Oil Price (WTI) in 1991: FAQ

How much did the oil price (WTI) fall in 1991?

What were the highest and lowest closes of the oil price (WTI) in 1991?

Highest: $32.25 on January 16, 1991. Lowest: $17.43 on February 22, 1991. It closed higher on 128 of 253 trading days.

What happened to the oil price (WTI) on January 17, 1991?

US-led coalition begins Operation Desert Storm air campaign against Iraq. The oil price (WTI) fell 33.4% that day, and was −31.0% 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.