Oil Price (WTI) in 1999

The oil price (WTI) rose 112.2% in 1999, from $12.14 at the end of 1998 to $25.76. Its highest close was $28.03 on Nov 22, and its lowest $11.38 on Feb 16. The biggest one-day fall was −7.3% on Oct 8 and the biggest rise +7.0% on Mar 10. Adjusted for inflation, it gained 106.6%.

Change in 1999

+112.2%

$12.14 → $25.76

High

$28.03

Nov 22

Low

$11.38

Feb 16

After inflation

+106.6%

US CPI

Up days

139 of 251

longest run 7 up, 7 down

Below record

-37.3%

at the end of 1999

Oil Price (WTI), daily closes 1999

Numbers mark the events below

Key Events in 1999

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

1
Wednesday, March 10 From the data

Biggest one-day rise of the year: +7.0%.
2
Tuesday, March 23

OPEC agrees in Vienna to cut output by 1.7 million barrels a day from April 1. Source

WTI oil: −0.2% that day · +17.3% a month later
3
Monday, March 29 From the data

Back above its pre-bear-market peak of $16.19 (September 30, 1998). Back above its pre-bear-market peak of $16.25 (May 1, 1998).
4
Monday, April 5 From the data

Back above its pre-bear-market peak of $16.92 (March 26, 1998).
5
Thursday, September 9 From the data

Back above its pre-bear-market peak of $22.86 (October 3, 1997).
6
Friday, October 8 From the data

Biggest one-day fall of the year: −7.3%.
7
Wednesday, November 17 From the data

Back above its pre-bear-market peak of $26.55 (December 19, 1996).

Biggest days of 1999

Best days		Worst days
Mar 10	+7.0%	Oct 8	−7.3%
Jan 6	+6.6%	Nov 29	−5.1%
Oct 12	+6.3%	Oct 28	−4.9%
Nov 22	+5.3%	Apr 7	−4.6%
Jan 21	+5.3%	Jan 13	−4.5%

Volatility: 35.8% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	$12.81	+5.5%	$13.43	$11.82
Feb	$12.31	−3.9%	$12.61	$11.38
Mar	$16.66	+35.3%	$16.66	$12.28
Apr	$18.69	+12.2%	$18.69	$15.92
May	$16.85	−9.8%	$18.94	$16.77
Jun	$19.33	+14.7%	$19.33	$16.31
Jul	$20.52	+6.2%	$21.09	$19.38
Aug	$22.15	+7.9%	$22.15	$20.21
Sep	$24.54	+10.8%	$24.81	$21.54
Oct	$21.79	−11.2%	$24.51	$20.81
Nov	$24.87	+14.1%	$28.03	$22.44
Dec	$25.76	+3.6%	$26.81	$25.01

Other Markets in 1999

Change over the calendar year.

Market	Change	Year-end
Oil Price (WTI)	+112.2%	$25.76
Dow Jones Industrial Average in 1999	+25.2%	11,497.12
S&P 500 in 1999	+19.5%	1,469.25
Nasdaq Composite in 1999	+85.6%	4,069.31
Russell 2000 in 1999	+19.6%	504.75
Nikkei 225 in 1999	+36.8%	18,934.34
Gold in 1999	+0.9%	$290.25
Silver in 1999	+6.4%	$5.33
Brent crude oil in 1999	+136.5%	$24.93
US 10-year Treasury yield in 1999	+1.80 pp	6.45%

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

Oil Price (WTI) in 1999: FAQ

How much did the oil price (WTI) rise in 1999?

What were the highest and lowest closes of the oil price (WTI) in 1999?

Highest: $28.03 on November 22, 1999. Lowest: $11.38 on February 16, 1999. It closed higher on 139 of 251 trading days.

What happened to the oil price (WTI) on March 23, 1999?

OPEC agrees in Vienna to cut output by 1.7 million barrels a day from April 1. The oil price (WTI) fell 0.2% that day, and was +17.3% 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.