Brent Oil Price in 1998
The brent oil price fell 33.5% in 1998, from $15.86 at the end of 1997 to $10.54. Its highest close was $16.28 on Jan 29, and its lowest $9.10 on Dec 10. The biggest one-day fall was −8.7% on Dec 17 and the biggest rise +17.7% on Mar 23. Adjusted for inflation, it lost 34.6%.
Brent Oil Price, daily closes 1998
Numbers mark the events belowKey Events in 1998
What happened, and how the Brent oil moved — on the day (or the next trading day) and about a month later.
- 1
Tuesday, March 17 From the dataBear market low: $11.05, 48.1% below the peak.
- 2
Monday, March 23 From the dataBiggest one-day rise of the year: +17.7%.
- 3
Thursday, June 11 From the dataEnters a bear market: 20% below its peak of $15.18 (March 26, 1998).
- 4
Monday, June 15 From the dataBear market low: $10.77, 29.1% below the peak.
- 5
Monday, August 17Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments. SourceBrent oil: +4.1% that day · +10.0% a month later
- 6
Monday, October 19 From the dataEnters a bear market: 20% below its peak of $14.84 (September 24, 1998).
- 7
Thursday, December 10 From the dataBear market low: $9.10, 38.7% below the peak.
- 8
Thursday, December 17 From the dataBiggest one-day fall of the year: −8.7%.
Biggest days of 1998
| Best days | Worst days | ||
|---|---|---|---|
| Mar 23 | +17.7% | Dec 17 | −8.7% |
| Dec 16 | +13.6% | Nov 30 | −8.0% |
| Mar 18 | +10.5% | Jun 15 | −7.3% |
| Jun 23 | +7.7% | Jun 9 | −5.9% |
| Sep 18 | +7.3% | Mar 17 | −5.9% |
Volatility: 49.1% (annualised standard deviation of daily changes).
Month by month
| Month | Close | Change |
|---|---|---|
| Jan | $15.59 | −1.7% |
| Feb | $13.53 | −13.2% |
| Mar | $13.87 | +2.5% |
| Apr | $13.79 | −0.6% |
| May | $14.03 | +1.7% |
| Jun | $11.84 | −15.6% |
| Jul | $12.63 | +6.7% |
| Aug | $12.06 | −4.5% |
| Sep | $14.71 | +22.0% |
| Oct | $12.00 | −18.4% |
| Nov | $9.91 | −17.4% |
| Dec | $10.54 | +6.4% |
Other Markets in 1998
Change over the calendar year.
| Market | Change | Year-end |
|---|---|---|
| Brent Oil Price | −33.5% | $10.54 |
| Dow Jones Industrial Average in 1998 | +16.1% | 9,181.43 |
| S&P 500 in 1998 | +26.7% | 1,229.23 |
| Nasdaq Composite in 1998 | +39.6% | 2,192.69 |
| Russell 2000 in 1998 | −3.4% | 421.96 |
| Nikkei 225 in 1998 | −9.3% | 13,842.17 |
| Gold in 1998 | −0.8% | $287.80 |
| Silver in 1998 | −16.2% | $5.01 |
| WTI crude oil in 1998 | −31.2% | $12.14 |
| US 10-year Treasury yield in 1998 | −1.10 pp | 4.65% |
Brent Oil Price in 1998: FAQ
How much did the brent oil price fall in 1998?
The brent oil price fell 33.5% in 1998, from $15.86 at the end of 1997 to $10.54. Its highest close was $16.28 on Jan 29, and its lowest $9.10 on Dec 10. The biggest one-day fall was −8.7% on Dec 17 and the biggest rise +17.7% on Mar 23. Adjusted for inflation, it lost 34.6%.
What were the highest and lowest closes of the brent oil price in 1998?
Highest: $16.28 on January 29, 1998. Lowest: $9.10 on December 10, 1998. It closed higher on 108 of 253 trading days.
What happened to the brent oil price on August 17, 1998?
Russia devalues the ruble, defaults on domestic debt and declares a moratorium on foreign debt payments. The brent oil price rose 4.1% that day, and was +10.0% a month later.
Data: Europe Brent spot price (EIA) from 1987, ICE Brent 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.
Cite this page
For essays, articles and research. Prices on this page update daily, so the citations include today's date as the date you accessed it.
@misc{corgano2026brentoilpricein, author = {{Corgano}}, title = {Brent Oil Price in 1998}, howpublished = {\url{https://goldprice.corgano.com/market-history/oil-brent/1998}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-11-01}}