Oil Price History: WTI and Brent Crude Chart and Monthly Data

WTI vs Brent

WTI (West Texas Intermediate) is US crude priced at Cushing, Oklahoma. Brent is the main benchmark for waterborne crude from the North Sea and is used to price much of the world's oil. Brent usually trades above WTI; the gap widens when shipping or supply problems hit seaborne oil more than US inland supply.

What the chart shows

• The negative WTI price in April 2020. On April 20, 2020 the WTI spot price closed at minus $36.98 as storage filled up during the pandemic. The chart includes that day; it is not a data error.
• Large swings in both directions. Oil can move tens of dollars within months when supply, demand or geopolitics change.
• The past year. The card shows the 1-year change and 52-week range using daily spot prices.

What moves oil prices

Supply decisions by OPEC+ producers, US output and inventories, global demand, the dollar, and geopolitical risk to production or shipping routes. The EIA publishes US inventory data every week, which traders watch closely. Read What moves oil prices? for the details.

FAQ

Why are there two oil prices?

WTI and Brent are different crude grades delivered in different places. Most global contracts reference Brent; US contracts often reference WTI.

Did oil really trade below zero?

Yes. The WTI spot price closed at minus $36.98 on April 20, 2020, when sellers paid buyers to take delivery because storage was nearly full.

Are these futures prices?

No. They are EIA spot prices published on FRED. Futures prices for later months can differ.

Is the pump price tied directly to crude?

Crude is the largest part of gasoline costs, but refining, distribution and taxes also matter, so pump prices lag and smooth crude moves.