West Texas Intermediate annual average oil price 1976-2019

Average annual West Texas Intermediate (WTI) crude oil price from 1976 to 2019 (in U.S. dollars per barrel)

by M. Garside, last edited Nov 6, 2019
West Texas Intermediate annual average oil price 1976-2019 This statistic shows the West Texas Intermediate oil price from 1976 to 2019, in U.S. dollars per barrel. In 2018 the average annual price of one barrel of West Texas Intermediate crude oil was 64.94 U.S. dollars. WTI is a relatively light crude oil, also called Texas light sweet. It is used as a benchmark for oil pricing. Prices of West Texas Intermediate are often listed in oil price reports, alongside other important oil markers, like UK Brent or the OPEC basket.
Price of West Texas Intermediate crude oil

WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.”

WTI is used as an oil pricing benchmark. WTI crude oil is also the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased dramatically, rising from just 12.23 U.S. dollar per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. The price per barrel in March 2016 was a monthly average of 33.18 U.S. dollars. The price of WTI is volatile, as a timeline of the monthly price development of West Texas Intermediate crude oil shows.

The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since the 1980s.
Show more

Average annual West Texas Intermediate (WTI) crude oil price from 1976 to 2019 (in U.S. dollars per barrel)

You need to log in to download this statistic
Register for free
Already a member?
Log in
Statista Accounts: Access All Statistics. Starting from $708 / Year
Basic Account
Get to know the platform

You only have access to basic statistics.

Premium Account
Your perfect start with Statista
  • Instant access to 1m statistics
  • Download in XLS, PDF & PNG format
  • Detailed references

$59 / Month *

Corporate Account
Full access

Corporate solution including all features.

* All products require an annual contract.
   Prices do not include sales tax.
Leading companies trust Statista:
Related Studies: Available to Download in PDF or PPTX Format
Oil and gasoline prices
Oil and gasoline prices

All Information
in one Presentation

Oil and gasoline prices

Everything On "Oil and gasoline prices" in One Document: Edited and Divided into Handy Chapters. Including Detailed References.

Other Reports & Dossiers
I think of Statista as Google for researchers. Statista provides you with the information you search for right away.
Dr. Horst Stipp

Dr. Horst Stipp
EVP, Research & Innovation, Advertising Research Foundation

Statistics on "Oil and gasoline prices"
  • Global price determinants
  • UK Brent
  • West Texas Intermediate (WTI)
  • OPEC basket
  • Country comparison
  • United States - prices
  • United States - taxes
Discover Statista
Need help with using Statista for your research? Tutorials and first steps
Further Content: Statistics, Studies, and Topic Pages
Statista Accounts: Access All Statistics. Starting from $708 / Year
Learn more about how Statista can support your business.
Do you have any questions about our business solutions?

We provide you with detailed information about our Corporate Account.