Crude Oil Price History — WTI & Brent by Year
From the $145.29 record of 2008 to the first negative price in 2020, this page tracks crude year by year: WTI and Brent annual averages side by side since 2000, with the events that moved them. For per-benchmark detail see the WTI and Brent tables.
Annual Average Price (USD/bbl, daily-close means)
| Year | WTI Avg | WTI Range | Brent Avg | Brent Range |
|---|---|---|---|---|
| 2026 YTD | 84.39 | 56–113 | 90.15 | 60–118 |
| 2025 | 64.74 | 55–80 | 68.10 | 59–82 |
| 2024 | 75.76 | 66–87 | 79.82 | 69–91 |
| 2023 | 77.60 | 67–94 | 82.19 | 72–97 |
| 2022 | 94.33 | 71–124 | 98.97 | 76–128 |
| 2021 | 68.11 | 48–85 | 70.95 | 51–86 |
| 2020 | 39.34 | -38–63 | 43.09 | 19–69 |
| 2019 | 57.04 | 47–66 | 64.16 | 55–75 |
| 2018 | 64.95 | 43–76 | 71.77 | 50–86 |
| 2017 | 50.85 | 43–60 | 54.73 | 45–67 |
| 2016 | 43.44 | 26–54 | 45.16 | 28–56 |
| 2015 | 48.76 | 35–61 | 53.50 | 36–68 |
| 2014 | 92.91 | 53–107 | 99.28 | 57–115 |
| 2013 | 98.05 | 87–111 | 108.67 | 99–119 |
| 2012 | 94.21 | 78–110 | 111.72 | 89–126 |
| 2011 | 95.11 | 76–114 | 110.99 | 93–127 |
| 2010 | 79.61 | 68–92 | 80.36 | 70–95 |
| 2009 | 62.09 | 34–81 | 63.57 | 41–80 |
| 2008 | 99.75 | 34–145 | 98.95 | 37–146 |
| 2007 | 72.36 | 50–98 | 82.55 | 69–96 |
| 2006 | 66.25 | 56–77 | — | — |
| 2005 | 56.70 | 42–70 | — | — |
| 2004 | 41.47 | 32–55 | — | — |
| 2003 | 30.99 | 25–38 | — | — |
| 2002 | 26.15 | 18–33 | — | — |
| 2001 | 25.96 | 17–32 | — | — |
| 2000 | 32.39 | 26–38 | — | — |
The 2026 row is a year-to-date average covering daily closes through 2026-10-19, refreshed hourly; every earlier year is a complete calendar year.
The Events Behind the Big Moves
| Year | What happened |
|---|---|
| 2008 | WTI spikes to $145 in July on emerging-market demand, then collapses below $45 as the financial crisis hits |
| 2014 | US shale boom floods the market; OPEC declines to cut and prices halve in six months |
| 2016 | Bottom of the shale bust — WTI briefly under $30; OPEC+ alliance with Russia forms |
| 2020 | COVID-19 demand collapse; expiring WTI contract settles at −$37.63 on April 20 — the first negative oil price in history |
| 2022 | Russia invades Ukraine; WTI tops $120 and retail fuels set records |
Prices are daily front-month futures settlements (nominal). Download the series on data downloads, or see what retail fuels did over the same period.
Oil Price History FAQ
What is the highest oil price in history?
WTI's highest daily settlement was $145.29 per barrel in July 2008, driven by booming demand and a weak dollar just before the financial crisis. Brent peaked near $146 the same month. In inflation-adjusted terms, the 2008 peak remains the modern record.
When was oil at its lowest?
On April 20, 2020, the expiring WTI contract settled at −$37.63 — holders paid buyers to take delivery because COVID-19 had collapsed demand and storage at Cushing was effectively full. Excluding that anomaly, the modern lows were the high-$20s in early 2016 and $30s in late 2008.
What was the price of oil in 2008?
WTI averaged $99.75 per barrel in 2008 — but the range was extraordinary: a $145.29 July peak and a $33.87 December low as the financial crisis unfolded.