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Oil Price (WTI) in 2020

The oil price (WTI) fell 20.5% in 2020, from $61.06 at the end of 2019 to $48.52. Its highest close was $63.27 on Jan 6, and its lowest $10.01 on Apr 21. The biggest one-day fall was −45.2% on Apr 21 and the biggest rise +37.7% on Apr 22. Adjusted for inflation, it lost 21.6%.

Change in 2020
−20.5%
$61.06 → $48.52
High
$63.27
Jan 6
Low
$10.01
Apr 21
After inflation
−21.6%
US CPI
Up days
128 of 252
longest run 6 up, 6 down
Below record
-66.6%
at the end of 2020

Oil Price (WTI), daily closes 2020

Numbers mark the events below
$15$37$58JanFebMarAprMayJunJulAugSepOctNovDec1Feb 3: Enters a bear market: 20% below its peak of $63.27 (January 6, 2020).2Mar 9: Dow falls 2,013.76 points (7.8%) after Saudi Arabia cuts oil prices following the collapse of OPEC+ talks.3Mar 11: World Health Organization declares COVID-19 a pandemic.4Mar 18: Bear market low: $20.37, 67.8% below the peak.5Mar 27: President Trump signs the $2.2 trillion CARES Act economic relief bill.6Mar 30: Enters a bear market: 20% below its peak of $25.22 (March 19, 2020). Bear market low: $20.09, 20.3% below the peak.7Apr 2: Back above its pre-bear-market peak of $25.22 (March 19, 2020).8Apr 13: Enters a bear market: 20% below its peak of $28.34 (April 3, 2020).9Apr 20: WTI crude futures settle below zero, at about -$37 a barrel, for the first time in history.10Apr 21: Bear market low: $10.01, 64.7% below the peak.11Apr 22: Biggest one-day rise of the year: +37.7%.12Apr 27: Enters a bear market: 20% below its peak of $16.94 (April 24, 2020).13Apr 28: Bear market low: $12.34, 27.2% below the peak.14Apr 30: Back above its pre-bear-market peak of $16.94 (April 24, 2020).15May 15: Back above its pre-bear-market peak of $28.34 (April 3, 2020).16Nov 9: Pfizer and BioNTech report their COVID-19 vaccine is more than 90% effective; US stock indexes hit record highs.

Key Events in 2020

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

  1. 1
    Monday, February 3 From the data
    Enters a bear market: 20% below its peak of $63.27 (January 6, 2020).
  2. 2
    Monday, March 9
    Dow falls 2,013.76 points (7.8%) after Saudi Arabia cuts oil prices following the collapse of OPEC+ talks. Source
    WTI oil: −24.6% that day · −36.8% a month later
  3. 3
    Wednesday, March 11
    World Health Organization declares COVID-19 a pandemic. Source
    WTI oil: −4.0% that day · −27.0% a month later
  4. 4
    Wednesday, March 18 From the data
    Bear market low: $20.37, 67.8% below the peak.
  5. 5
    Friday, March 27
    President Trump signs the $2.2 trillion CARES Act economic relief bill. Source
    WTI oil: −4.8% that day · −45.4% a month later
  6. 6
    Monday, March 30 From the data
    Enters a bear market: 20% below its peak of $25.22 (March 19, 2020). Bear market low: $20.09, 20.3% below the peak.
  7. 7
    Thursday, April 2 From the data
    Back above its pre-bear-market peak of $25.22 (March 19, 2020).
  8. 8
    Monday, April 13 From the data
    Enters a bear market: 20% below its peak of $28.34 (April 3, 2020).
  9. 9
    Monday, April 20
    WTI crude futures settle below zero, at about -$37 a barrel, for the first time in history. Source
    WTI oil: −45.2% next trading day (Apr 21) · +77.9% a month later
  10. 10
    Tuesday, April 21 From the data
    Bear market low: $10.01, 64.7% below the peak.
  11. 11
    Wednesday, April 22 From the data
    Biggest one-day rise of the year: +37.7%.
  12. 12
    Monday, April 27 From the data
    Enters a bear market: 20% below its peak of $16.94 (April 24, 2020).
  13. 13
    Tuesday, April 28 From the data
    Bear market low: $12.34, 27.2% below the peak.
  14. 14
    Thursday, April 30 From the data
    Back above its pre-bear-market peak of $16.94 (April 24, 2020).
  15. 15
    Friday, May 15 From the data
    Back above its pre-bear-market peak of $28.34 (April 3, 2020).
  16. 16
    Monday, November 9
    Pfizer and BioNTech report their COVID-19 vaccine is more than 90% effective; US stock indexes hit record highs. Source
    WTI oil: +8.5% that day · +22.8% a month later

Biggest days of 2020

Best daysWorst days
Apr 22+37.7%Apr 21−45.2%
Apr 30+25.1%Mar 9−24.6%
Apr 2+24.7%Apr 27−24.6%
Mar 19+23.8%Mar 18−24.4%
Apr 29+22.0%Mar 20−11.1%

Volatility: 105.6% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$51.56−15.6%$63.27$51.56
Feb$44.76−13.2%$53.78$44.76
Mar$20.48−54.2%$47.18$20.09
Apr$18.84−8.0%$28.34$10.01
May$35.49+88.4%$35.49$19.78
Jun$39.27+10.7%$40.46$35.44
Jul$40.27+2.5%$41.96$39.62
Aug$42.61+5.8%$43.39$41.01
Sep$40.22−5.6%$42.76$36.76
Oct$35.79−11.0%$41.46$35.79
Nov$45.34+26.7%$45.71$36.81
Dec$48.52+7.0%$49.10$44.55

Other Markets in 2020

Change over the calendar year.

MarketChangeYear-end
Oil Price (WTI)−20.5%$48.52
Dow Jones Industrial Average in 2020+7.2%30,606.48
S&P 500 in 2020+16.3%3,756.07
Nasdaq Composite in 2020+43.6%12,888.28
Russell 2000 in 2020+18.4%1,974.86
Nikkei 225 in 2020+16.0%27,444.17
Gold in 2020+24.7%$1,895.10
Silver in 2020+47.7%$26.33
Brent crude oil in 2020−21.5%$51.80
US 10-year Treasury yield in 2020−1.00 pp0.92%
2020202120222023202420252026

Oil Price (WTI) in 2020: FAQ

How much did the oil price (WTI) fall in 2020?

The oil price (WTI) fell 20.5% in 2020, from $61.06 at the end of 2019 to $48.52. Its highest close was $63.27 on Jan 6, and its lowest $10.01 on Apr 21. The biggest one-day fall was −45.2% on Apr 21 and the biggest rise +37.7% on Apr 22. Adjusted for inflation, it lost 21.6%.

What were the highest and lowest closes of the oil price (WTI) in 2020?

Highest: $63.27 on January 6, 2020. Lowest: $10.01 on April 21, 2020. It closed higher on 128 of 252 trading days.

What happened to the oil price (WTI) on April 20, 2020?

WTI crude futures settle below zero, at about -$37 a barrel, for the first time in history. The oil price (WTI) fell 45.2% on the next trading day (April 21, 2020), and was +77.9% 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.