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Oil Price (WTI) in 2008

The oil price (WTI) fell 53.5% in 2008, from $95.95 at the end of 2007 to $44.60. Its highest close was $145.31 on Jul 3 — a record that has not been beaten since, and its lowest $30.28 on Dec 23. The biggest one-day fall was −12.0% on Sep 23 and the biggest rise +17.8% on Sep 22. Adjusted for inflation, it lost 53.6%.

Change in 2008
−53.5%
$95.95 → $44.60
High
$145.31
Jul 3
Low
$30.28
Dec 23
After inflation
−53.6%
US CPI
Up days
123 of 253
longest run 6 up, 10 down
Record highs
35
closing records

Oil Price (WTI), daily closes 2008

Numbers mark the events below
$41$88$134previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Jan 2: WTI oil sets the first of 35 record closing highs this year, at $99.64.2Feb 20: WTI oil closes above $100 for the first time ($100.86).3Mar 16: JPMorgan Chase agrees to acquire Bear Stearns for about $2 a share with Fed financing.4Jul 3: Last record close of the year: $145.31.5Jul 11: Crude oil reaches a record $147.27 a barrel on NYMEX.6Aug 8: Enters a bear market: 20% below its peak of $145.31 (July 3, 2008).7Sep 7: Fannie Mae and Freddie Mac are placed into federal conservatorship.8Sep 15: Lehman Brothers files for Chapter 11 bankruptcy protection.9Sep 16: Bear market low: $91.49, 37.0% below the peak.10Sep 22: Biggest one-day rise of the year: +17.8%.11Sep 23: Biggest one-day fall of the year: −12.0%.12Sep 29: Enters a bear market: 20% below its peak of $122.61 (September 22, 2008).13Oct 3: Emergency Economic Stabilization Act is signed, creating the $700 billion TARP.14Dec 16: Fed cuts its federal funds target to a range of 0 to 0.25%.15Dec 23: Bear market low: $30.28, 75.3% below the peak.

Key Events in 2008

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

  1. 1
    Wednesday, January 2 From the data
    WTI oil sets the first of 35 record closing highs this year, at $99.64.
  2. 2
    Wednesday, February 20 From the data
    WTI oil closes above $100 for the first time ($100.86).
  3. 3
    Sunday, March 16
    JPMorgan Chase agrees to acquire Bear Stearns for about $2 a share with Fed financing. Source
    WTI oil: −3.9% next trading day (Mar 17) · +3.4% a month later
  4. 4
    Thursday, July 3 From the data
    Last record close of the year: $145.31.
  5. 5
    Friday, July 11
    Crude oil reaches a record $147.27 a barrel on NYMEX. Source
    WTI oil: +2.5% that day · −18.4% a month later
  6. 6
    Friday, August 8 From the data
    Enters a bear market: 20% below its peak of $145.31 (July 3, 2008).
  7. 7
    Sunday, September 7
    Fannie Mae and Freddie Mac are placed into federal conservatorship. Source
    WTI oil: −0.1% next trading day (Sep 8) · −17.2% a month later
  8. 8
    Monday, September 15
    Lehman Brothers files for Chapter 11 bankruptcy protection. Source
    WTI oil: −5.6% that day · −19.8% a month later
  9. 9
    Tuesday, September 16 From the data
    Bear market low: $91.49, 37.0% below the peak.
  10. 10
    Monday, September 22 From the data
    Biggest one-day rise of the year: +17.8%.
  11. 11
    Tuesday, September 23 From the data
    Biggest one-day fall of the year: −12.0%.
  12. 12
    Monday, September 29 From the data
    Enters a bear market: 20% below its peak of $122.61 (September 22, 2008).
  13. 13
    Friday, October 3
    Emergency Economic Stabilization Act is signed, creating the $700 billion TARP. Source
    WTI oil: +0.1% that day · −27.4% a month later
  14. 14
    Tuesday, December 16
    Fed cuts its federal funds target to a range of 0 to 0.25%. Source
    WTI oil: −1.7% that day · −20.6% a month later
  15. 15
    Tuesday, December 23 From the data
    Bear market low: $30.28, 75.3% below the peak.

Biggest days of 2008

Best daysWorst days
Sep 22+17.8%Sep 23−12.0%
Dec 31+14.5%Dec 1−10.6%
Dec 26+14.1%Oct 10−10.5%
Dec 11+10.8%Sep 29−9.8%
Nov 4+10.1%Dec 19−9.7%

Volatility: 62.8% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$91.67−4.5%$99.64$87.65
Feb$101.78+11.0%$102.60$87.16
Mar$101.54−0.2%$110.21$99.72
Apr$113.70+12.0%$119.64$100.92
May$127.35+12.0%$132.99$112.60
Jun$139.96+9.9%$139.96$122.30
Jul$124.17−11.3%$145.31$122.21
Aug$115.55−6.9%$125.03$112.92
Sep$100.70−12.9%$122.61$91.49
Oct$68.10−32.4%$98.23$61.92
Nov$55.21−18.9%$70.41$48.86
Dec$44.60−19.2%$49.34$30.28

Other Markets in 2008

Change over the calendar year.

MarketChangeYear-end
Oil Price (WTI)−53.5%$44.60
Dow Jones Industrial Average in 2008−33.8%8,776.39
S&P 500 in 2008−38.5%903.25
Nasdaq Composite in 2008−40.5%1,577.03
Russell 2000 in 2008−34.8%499.45
Nikkei 225 in 2008−42.1%8,859.56
Gold in 2008+4.3%$869.75
Silver in 2008−26.9%$10.79
Brent crude oil in 2008−61.8%$35.82
US 10-year Treasury yield in 2008−1.79 pp2.25%
2000200120022003200420052006200720082009

Oil Price (WTI) in 2008: FAQ

How much did the oil price (WTI) fall in 2008?

The oil price (WTI) fell 53.5% in 2008, from $95.95 at the end of 2007 to $44.60. Its highest close was $145.31 on Jul 3 — a record that has not been beaten since, and its lowest $30.28 on Dec 23. The biggest one-day fall was −12.0% on Sep 23 and the biggest rise +17.8% on Sep 22. Adjusted for inflation, it lost 53.6%.

What were the highest and lowest closes of the oil price (WTI) in 2008?

Highest: $145.31 on July 3, 2008. Lowest: $30.28 on December 23, 2008. It closed higher on 123 of 253 trading days.

What happened to the oil price (WTI) on September 15, 2008?

Lehman Brothers files for Chapter 11 bankruptcy protection. The oil price (WTI) fell 5.6% that day, and was −19.8% a month later.

Did the oil price (WTI) reach a record high in 2008?

Yes — 35 record closing highs, the last at $145.31 on July 3, 2008.

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.