Oil Price (WTI) in 2007

The oil price (WTI) rose 57.7% in 2007, from $60.85 at the end of 2006 to $95.95. Its highest close was $99.16 on Nov 20 — a record that stood until January 2, 2008, and its lowest $50.51 on Jan 18. The biggest one-day fall was −4.6% on Jan 4 and the biggest rise +5.7% on Mar 22. Adjusted for inflation, it gained 51.5%.

Change in 2007

+57.7%

$60.85 → $95.95

High

$99.16

Nov 20

Low

$50.51

Jan 18

After inflation

+51.5%

US CPI

Up days

130 of 252

longest run 9 up, 6 down

Record highs

closing records

Oil Price (WTI), daily closes 2007

Numbers mark the events below

Key Events in 2007

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

1
Thursday, January 4 From the data

Biggest one-day fall of the year: −4.6%.
2
Thursday, January 18 From the data

Bear market low: $50.51, 34.4% below the peak.
3
Thursday, March 22 From the data

Biggest one-day rise of the year: +5.7%.
4
Tuesday, July 31 From the data

sets the first of 16 record closing highs this year, at $78.20. Back above its pre-bear-market peak of $77.05 (August 7, 2006).
5
Thursday, August 9

BNP Paribas closes funds exposed to US subprime mortgages, marking the start of the credit crunch. Source

WTI oil: −0.8% that day · +6.2% a month later
6
Thursday, September 13 From the data

closes above $80 for the first time ($80.05).
7
Friday, September 14

Northern Rock receives Bank of England emergency support, triggering a run on the bank. Source

WTI oil: −1.1% that day · +4.6% a month later
8
Thursday, October 25 From the data

closes above $90 for the first time ($92.09).
9
Tuesday, November 20 From the data

Last record close of the year: $99.16.

Biggest days of 2007

Best days		Worst days
Mar 22	+5.7%	Jan 4	−4.6%
Jan 30	+5.6%	Aug 6	−4.5%
Jan 23	+4.9%	Apr 9	−4.3%
Dec 12	+4.8%	Jan 3	−4.0%
Oct 25	+4.3%	Nov 28	−3.9%

Volatility: 29.9% (annualised standard deviation of daily changes).

Month by month

Month	Close	Change	High	Low
Jan	$58.17	−4.4%	$60.77	$50.51
Feb	$61.78	+6.2%	$61.78	$57.35
Mar	$65.94	+6.7%	$66.10	$56.41
Apr	$65.78	−0.2%	$66.45	$61.51
May	$64.02	−2.7%	$66.25	$61.48
Jun	$70.47	+10.1%	$70.47	$64.78
Jul	$78.20	+11.0%	$78.20	$71.11
Aug	$73.98	−5.4%	$76.84	$69.30
Sep	$81.64	+10.4%	$83.85	$75.07
Oct	$94.16	+15.3%	$94.16	$78.97
Nov	$88.60	−5.9%	$99.16	$88.60
Dec	$95.95	+8.3%	$96.63	$87.45

Other Markets in 2007

Change over the calendar year.

Market	Change	Year-end
Oil Price (WTI)	+57.7%	$95.95
Dow Jones Industrial Average in 2007	+6.4%	13,264.82
S&P 500 in 2007	+3.5%	1,468.36
Nasdaq Composite in 2007	+9.8%	2,652.28
Russell 2000 in 2007	−2.7%	766.03
Nikkei 225 in 2007	−11.1%	15,307.78
Gold in 2007	+31.9%	$833.75
Silver in 2007	+14.4%	$14.76
Brent crude oil in 2007	+58.9%	$93.68
US 10-year Treasury yield in 2007	−0.67 pp	4.04%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Oil Price (WTI) in 2007: FAQ

How much did the oil price (WTI) rise in 2007?

What were the highest and lowest closes of the oil price (WTI) in 2007?

Highest: $99.16 on November 20, 2007. Lowest: $50.51 on January 18, 2007. It closed higher on 130 of 252 trading days.

What happened to the oil price (WTI) on September 14, 2007?

Northern Rock receives Bank of England emergency support, triggering a run on the bank. The oil price (WTI) fell 1.1% that day, and was +4.6% a month later.

Did the oil price (WTI) reach a record high in 2007?

Yes — 16 record closing highs, the last at $99.16 on November 20, 2007.

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.