Oil Price (WTI) in 1998

The oil price (WTI) fell 31.2% in 1998, from $17.65 at the end of 1997 to $12.14. Its highest close was $17.93 on Jan 29, and its lowest $10.82 on Dec 10. The biggest one-day fall was −13.1% on Apr 23 and the biggest rise +16.6% on Apr 27. Adjusted for inflation, it lost 32.3%.

Change in 1998

−31.2%

$17.65 → $12.14

High

$17.93

Jan 29

Low

$10.82

Dec 10

After inflation

−32.3%

US CPI

Up days

114 of 251

longest run 6 up, 7 down

Below record

-70.4%

at the end of 1998

Oil Price (WTI), daily closes 1998

Numbers mark the events below

Key Events in 1998

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

1
Monday, March 16 From the data

Bear market low: $13.41, 41.3% below the peak.
2
Thursday, April 23 From the data

Enters a bear market: 20% below its peak of $16.92 (March 26, 1998). Bear market low: $13.09, 22.6% below the peak. Biggest one-day fall of the year: −13.1%.
3
Monday, April 27 From the data

Biggest one-day rise of the year: +16.6%.
4
Thursday, June 11 From the data

Enters a bear market: 20% below its peak of $16.25 (May 1, 1998).
5
Monday, June 15 From the data

Bear market low: $11.69, 28.1% below the peak.
6
Monday, August 17

Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments. Source

WTI oil: −1.0% that day · +9.9% a month later
7
Monday, November 16 From the data

Enters a bear market: 20% below its peak of $16.19 (September 30, 1998).
8
Thursday, December 10 From the data

Bear market low: $10.82, 33.2% below the peak.

Biggest days of 1998

Best days		Worst days
Apr 27	+16.6%	Apr 23	−13.1%
Jun 22	+14.7%	Dec 17	−12.0%
Mar 23	+12.8%	Nov 24	−8.2%
Jan 26	+8.4%	May 19	−8.1%
Jun 23	+8.2%	Jun 15	−7.7%

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

Month by month

Month	Close	Change	High	Low
Jan	$17.21	−2.5%	$17.93	$15.65
Feb	$15.44	−10.3%	$17.07	$15.14
Mar	$15.75	+2.0%	$16.92	$13.41
Apr	$15.56	−1.2%	$16.08	$13.09
May	$15.21	−2.2%	$16.25	$13.01
Jun	$14.30	−6.0%	$15.24	$11.69
Jul	$14.27	−0.2%	$14.90	$13.44
Aug	$13.29	−6.9%	$13.93	$12.76
Sep	$16.19	+21.8%	$16.19	$13.62
Oct	$14.48	−10.6%	$15.71	$13.39
Nov	$11.37	−21.5%	$14.45	$10.86
Dec	$12.14	+6.8%	$12.55	$10.82

Other Markets in 1998

Change over the calendar year.

Market	Change	Year-end
Oil Price (WTI)	−31.2%	$12.14
Dow Jones Industrial Average in 1998	+16.1%	9,181.43
S&P 500 in 1998	+26.7%	1,229.23
Nasdaq Composite in 1998	+39.6%	2,192.69
Russell 2000 in 1998	−3.4%	421.96
Nikkei 225 in 1998	−9.3%	13,842.17
Gold in 1998	−0.8%	$287.80
Silver in 1998	−16.2%	$5.01
Brent crude oil in 1998	−33.5%	$10.54
US 10-year Treasury yield in 1998	−1.10 pp	4.65%

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

Oil Price (WTI) in 1998: FAQ

How much did the oil price (WTI) fall in 1998?

What were the highest and lowest closes of the oil price (WTI) in 1998?

Highest: $17.93 on January 29, 1998. Lowest: $10.82 on December 10, 1998. It closed higher on 114 of 251 trading days.

What happened to the oil price (WTI) on August 17, 1998?

Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments. The oil price (WTI) fell 1.0% that day, and was +9.9% 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.