CorganoGold Price
Market open
Gold4,114.55−0.59%Silver57.07−1.52%Platinum1,605.73−1.51%Palladium1,072.98−1.90%
Gold/Silver72.10
DXY101.72−0.06%
US10Y5.15%+0.57%
WTI98.15+1.03%
S&P 5007,757+0.58%
Dow52,856+0.69%
Bitcoin83,427−0.71%
VIX16.68−3.64%

Oil Price (WTI) in 2023

The oil price (WTI) fell 10.7% in 2023, from $80.26 at the end of 2022 to $71.65. Its highest close was $93.68 on Sep 27, and its lowest $66.74 on Mar 17. The biggest one-day fall was −5.6% on Oct 4 and the biggest rise +6.3% on Apr 3. Adjusted for inflation, it lost 13.6%.

Change in 2023
−10.7%
$80.26 → $71.65
High
$93.68
Sep 27
Low
$66.74
Mar 17
After inflation
−13.6%
US CPI
Up days
131 of 250
longest run 9 up, 6 down
Below record
-50.7%
at the end of 2023

Oil Price (WTI), daily closes 2023

Numbers mark the events below
$69$80$91JanFebMarAprMayJunJulAugSepOctNovDec1Mar 10: Silicon Valley Bank fails after a bank run and is placed under FDIC receivership.2Mar 17: Bear market low: $66.74, 28.0% below the peak.3Mar 19: UBS agrees to take over Credit Suisse in a deal brokered by the Swiss government.4Apr 3: Biggest one-day rise of the year: +6.3%.5Sep 27: Back above its pre-bear-market peak of $92.64 (October 7, 2022).6Oct 4: Biggest one-day fall of the year: −5.6%.7Oct 7: Hamas launches attacks on Israel, starting the Gaza war.8Nov 16: Enters a bear market: 20% below its peak of $93.68 (September 27, 2023).9Dec 12: Bear market low: $68.61, 26.8% below the peak.

Key Events in 2023

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

  1. 1
    Friday, March 10
    Silicon Valley Bank fails after a bank run and is placed under FDIC receivership. Source
    WTI oil: +1.3% that day · +5.3% a month later
  2. 2
    Friday, March 17 From the data
    Bear market low: $66.74, 28.0% below the peak.
  3. 3
    Sunday, March 19
    UBS agrees to take over Credit Suisse in a deal brokered by the Swiss government. Source
    WTI oil: +1.3% next trading day (Mar 20) · +21.2% a month later
  4. 4
    Monday, April 3 From the data
    Biggest one-day rise of the year: +6.3%.
  5. 5
    Wednesday, September 27 From the data
    Back above its pre-bear-market peak of $92.64 (October 7, 2022).
  6. 6
    Wednesday, October 4 From the data
    Biggest one-day fall of the year: −5.6%.
  7. 7
    Saturday, October 7
    Hamas launches attacks on Israel, starting the Gaza war. Source
    WTI oil: +4.3% next trading day (Oct 9) · −2.4% a month later
  8. 8
    Thursday, November 16 From the data
    Enters a bear market: 20% below its peak of $93.68 (September 27, 2023).
  9. 9
    Tuesday, December 12 From the data
    Bear market low: $68.61, 26.8% below the peak.

Biggest days of 2023

Best daysWorst days
Apr 3+6.3%Oct 4−5.6%
Oct 13+5.8%Jan 4−5.3%
Mar 27+5.1%May 2−5.3%
Oct 9+4.3%Mar 15−5.2%
Nov 17+4.1%Nov 16−4.9%

Volatility: 33.9% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$78.87−1.7%$81.62$72.84
Feb$77.05−2.3%$80.14$73.39
Mar$75.67−1.8%$80.46$66.74
Apr$76.78+1.5%$83.26$74.30
May$68.09−11.3%$75.66$68.09
Jun$70.64+3.7%$72.53$67.12
Jul$81.80+15.8%$81.80$69.79
Aug$83.63+2.2%$84.40$78.89
Sep$90.79+8.6%$93.68$85.55
Oct$81.02−10.8%$89.37$81.02
Nov$75.96−6.2%$82.46$72.90
Dec$71.65−5.7%$75.57$68.61

Other Markets in 2023

Change over the calendar year.

MarketChangeYear-end
Oil Price (WTI)−10.7%$71.65
Dow Jones Industrial Average in 2023+13.7%37,689.54
S&P 500 in 2023+24.2%4,769.83
Nasdaq Composite in 2023+43.4%15,011.35
Russell 2000 in 2023+15.1%2,027.07
Nikkei 225 in 2023+28.2%33,464.17
Gold in 2023+13.4%$2,071.80
Silver in 20230.0%$23.85
Brent crude oil in 2023−10.3%$77.04
US 10-year Treasury yield in 2023−0.01 pp3.87%
2020202120222023202420252026

Oil Price (WTI) in 2023: FAQ

How much did the oil price (WTI) fall in 2023?

The oil price (WTI) fell 10.7% in 2023, from $80.26 at the end of 2022 to $71.65. Its highest close was $93.68 on Sep 27, and its lowest $66.74 on Mar 17. The biggest one-day fall was −5.6% on Oct 4 and the biggest rise +6.3% on Apr 3. Adjusted for inflation, it lost 13.6%.

What were the highest and lowest closes of the oil price (WTI) in 2023?

Highest: $93.68 on September 27, 2023. Lowest: $66.74 on March 17, 2023. It closed higher on 131 of 250 trading days.

What happened to the oil price (WTI) on October 7, 2023?

Hamas launches attacks on Israel, starting the Gaza war. The oil price (WTI) rose 4.3% on the next trading day (October 9, 2023), and was −2.4% 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.