Oil Price (WTI) in 1997

The oil price (WTI) fell 31.9% in 1997, from $25.90 at the end of 1996 to $17.65. Its highest close was $26.55 on Jan 8, and its lowest $17.60 on Dec 30. The biggest one-day fall was −4.5% on Jul 3 and the biggest rise +5.3% on Mar 18. Adjusted for inflation, it lost 33.0%.

Change in 1997

−31.9%

$25.90 → $17.65

High

$26.55

Jan 8

Low

$17.60

Dec 30

After inflation

−33.0%

US CPI

Up days

106 of 252

longest run 6 up, 6 down

Below record

-57.0%

at the end of 1997

Oil Price (WTI), daily closes 1997

Numbers mark the events below

Key Events in 1997

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

1
Monday, February 24 From the data

Enters a bear market: 20% below its peak of $26.55 (December 19, 1996).
2
Tuesday, March 18 From the data

Biggest one-day rise of the year: +5.3%.
3
Friday, June 20 From the data

Bear market low: $18.60, 29.9% below the peak.
4
Wednesday, July 2

Thailand floats the baht, starting the Asian financial crisis. Source

WTI oil: +1.4% that day · +0.4% a month later
5
Thursday, July 3 From the data

Biggest one-day fall of the year: −4.5%.
6
Thursday, October 23

Hong Kong Monetary Authority raises overnight rates to defend the dollar peg as the Hang Seng slumps. Source

WTI oil: −1.2% that day · −10.6% a month later
7
Wednesday, December 10 From the data

Enters a bear market: 20% below its peak of $22.86 (October 3, 1997).

Biggest days of 1997

Best days		Worst days
Mar 18	+5.3%	Jul 3	−4.5%
Oct 3	+4.8%	Jun 6	−4.0%
Jul 15	+4.7%	Mar 10	−4.0%
May 12	+4.6%	Oct 6	−3.9%
May 8	+3.8%	Jun 3	−3.8%

Volatility: 28.4% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	$24.15	−6.8%	$26.55	$23.85
Feb	$20.30	−15.9%	$24.20	$20.30
Mar	$20.35	+0.2%	$22.00	$20.15
Apr	$20.20	−0.7%	$20.40	$19.15
May	$21.00	+4.0%	$22.10	$19.60
Jun	$19.82	−5.6%	$21.15	$18.60
Jul	$20.19	+1.9%	$20.43	$18.92
Aug	$19.66	−2.6%	$20.81	$19.29
Sep	$21.13	+7.5%	$21.29	$19.30
Oct	$21.10	−0.1%	$22.86	$20.40
Nov	$19.13	−9.3%	$21.01	$19.13
Dec	$17.65	−7.7%	$18.86	$17.60

Other Markets in 1997

Change over the calendar year.

Market	Change	Year-end
Oil Price (WTI)	−31.9%	$17.65
Dow Jones Industrial Average in 1997	+22.6%	7,908.24
S&P 500 in 1997	+31.0%	970.43
Nasdaq Composite in 1997	+21.6%	1,570.35
Russell 2000 in 1997	+20.5%	437.02
Nikkei 225 in 1997	−21.2%	15,259.00
Gold in 1997	−21.4%	$290.20
Silver in 1997	+25.4%	$5.98
Brent crude oil in 1997	−33.6%	$15.86
US 10-year Treasury yield in 1997	−0.68 pp	5.75%

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

Oil Price (WTI) in 1997: FAQ

How much did the oil price (WTI) fall in 1997?

What were the highest and lowest closes of the oil price (WTI) in 1997?

Highest: $26.55 on January 8, 1997. Lowest: $17.60 on December 30, 1997. It closed higher on 106 of 252 trading days.

What happened to the oil price (WTI) on July 2, 1997?

Thailand floats the baht, starting the Asian financial crisis. The oil price (WTI) rose 1.4% that day, and was +0.4% 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.