What the WTI crude oil price measures
West Texas Intermediate (WTI) is the main US benchmark for crude oil, a light, sweet crude priced for delivery at Cushing, Oklahoma. This chart shows the spot price in dollars per barrel (42 US gallons), as reported by the Energy Information Administration, averaged over each month since 1986.
How to read this chart
Oil prices move in booms and busts: long climbs as demand outruns supply, followed by collapses when recessions cut demand or producers flood the market. The monthly average smooths out extreme days – most famously April 20, 2020, when the expiring WTI futures contract settled below minus $37 because storage was full. The month’s average stayed positive.
The latest reading in context
- At $102.07, the latest reading is above its 5-year average of $79.85 and above its 10-year average of $67.48.
- That is higher than 95% of all monthly readings since January 1986 – near the top of its historical range.
- Direction: up 4.9% over the past month; up 1.7% over the past six months; up 67.6% over the past year.
- The highest value on record is $133.88 (June 2008, 18 years ago); the lowest is $11.34 (December 1998, 28 years ago).
- The full history spans 4 US recessions, shaded grey on the chart.
Why it matters
Oil feeds into gasoline, diesel, jet fuel, plastics and fertilizer, so it affects inflation, consumer spending and corporate costs. Since the shale boom made the US the world’s largest oil producer, high prices also boost investment and jobs in states such as Texas and North Dakota, so the net effect on the US economy is more balanced than it once was.
What moves the WTI crude oil price
- Global demand, led by the US, China and India
- OPEC+ production decisions
- US shale output, which responds to price within months
- Geopolitical events and sanctions
- The US dollar and investor flows
Key moments in its history
- 1986Collapsed to near $10 when Saudi Arabia raised output.
- Jul 2008Daily peak of about $145 before the financial crisis.
- 2014–2016Fell by more than half as US shale output surged.
- Apr 2020A one-day negative price; the monthly average fell below $20.
- Mid-2022Above $100 after the invasion of Ukraine.
Crude Oil Prices (WTI) data tables
Average by decade
| Decade | Average | High | Low |
|---|---|---|---|
| 2020s (so far) | $72.28 | $114.84 | $16.55 |
| 2010s | $72.44 | $109.37 | $30.32 |
| 2000s | $51.12 | $133.88 | $19.45 |
| 1990s | $19.72 | $36.04 | $11.34 |
| 1980s | $17.46 | $23.11 | $11.56 |
Last 12 months
| Period | Value | Change |
|---|---|---|
| Oct 2026 | $102.07 | +4.9% |
| Sep 2026 | $97.31 | +16.0% |
| Aug 2026 | $83.90 | +4.3% |
| Jul 2026 | $80.46 | −5.1% |
| Jun 2026 | $84.81 | −17.0% |
| May 2026 | $102.13 | +1.8% |
| Apr 2026 | $100.32 | +9.8% |
| Mar 2026 | $91.38 | +41.7% |
| Feb 2026 | $64.51 | +7.4% |
| Jan 2026 | $60.04 | +3.6% |
| Dec 2025 | $57.97 | −3.5% |
| Nov 2025 | $60.06 | −1.4% |
Monthly values. Decade figures are averages of the monthly values in each decade. The complete history is available as a CSV file.
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Crude Oil Prices (WTI): questions and answers
What is WTI?
West Texas Intermediate is a grade of US crude oil and the benchmark for oil prices in North America. Brent crude, from the North Sea, is the main international benchmark.
How did oil prices go negative in 2020?
Traders holding the May 2020 WTI futures contract had to take physical delivery in Cushing, Oklahoma, where storage was almost full. With nowhere to put the oil, they paid buyers to take it on April 20, 2020.
How many gallons are in a barrel?
42 US gallons. Refining one barrel typically yields about 19–20 gallons of gasoline and 11–12 gallons of diesel and heating oil.
Where does the data on this chart come from?
From the U.S. Energy Information Administration. ChartWidgets downloads the series (DCOILWTICO) from FRED, the Federal Reserve Bank of St. Louis database, and checks for new releases every day. The last update was on November 4, 2026.