Oil Price (WTI) in 1991
The oil price (WTI) fell 32.8% in 1991, from $28.48 at the end of 1990 to $19.15. Its highest close was $32.25 on Jan 16, and its lowest $17.43 on Feb 22. The biggest one-day fall was −33.4% on Jan 17 and the biggest rise +15.2% on Jan 22. Adjusted for inflation, it lost 34.8%.
Oil Price (WTI), daily closes 1991
Numbers mark the events belowKey Events in 1991
What happened, and how the WTI oil moved — on the day (or the next trading day) and about a month later.
- 1
Friday, January 4 From the dataBear market low: $24.88, 30.1% below the peak.
- 2
Thursday, January 17US-led coalition begins Operation Desert Storm air campaign against Iraq. SourceWTI oil: −33.4% that day · −31.0% a month later
- 3
Thursday, January 17 From the dataEnters a bear market: 20% below its peak of $32.25 (January 16, 1991).
- 4
Friday, January 18 From the dataBear market low: $20.05, 37.8% below the peak.
- 5
Tuesday, January 22 From the dataBiggest one-day rise of the year: +15.2%.
- 6
Tuesday, February 19 From the dataEnters a bear market: 20% below its peak of $25.63 (January 24, 1991).
- 7
Friday, February 22 From the dataBear market low: $17.43, 32.0% below the peak.
- 8
Thursday, February 28Operation Desert Storm ends after the 100-hour ground campaign. SourceWTI oil: +1.3% that day · +3.2% a month later
- 9
Monday, August 19Hardliners launch a coup attempt against Soviet leader Mikhail Gorbachev; it collapses within days. SourceWTI oil: +5.7% that day · +2.1% a month later
- 10
Tuesday, December 10 From the dataEnters a bear market: 20% below its peak of $24.12 (October 18, 1991).
- 11
Thursday, December 26The Soviet Union is formally dissolved. SourceWTI oil: −0.3% that day · +0.4% a month later
Biggest days of 1991
| Best days | Worst days | ||
|---|---|---|---|
| Jan 22 | +15.2% | Jan 17 | −33.4% |
| Jan 14 | +9.8% | Jan 28 | −12.9% |
| Jan 7 | +9.5% | Feb 21 | −8.4% |
| Jan 21 | +7.9% | Jan 2 | −6.8% |
| Jan 24 | +6.4% | Feb 15 | −6.8% |
Volatility: 53.1% (annualised standard deviation of daily changes).
Month by month
| Month | Close | Change |
|---|---|---|
| Jan | $21.90 | −23.1% |
| Feb | $19.28 | −12.0% |
| Mar | $19.63 | +1.8% |
| Apr | $20.99 | +6.9% |
| May | $21.16 | +0.8% |
| Jun | $20.56 | −2.8% |
| Jul | $21.70 | +5.5% |
| Aug | $22.28 | +2.7% |
| Sep | $22.25 | −0.1% |
| Oct | $23.29 | +4.7% |
| Nov | $21.48 | −7.8% |
| Dec | $19.15 | −10.8% |
Other Markets in 1991
Change over the calendar year.
| Market | Change | Year-end |
|---|---|---|
| Oil Price (WTI) | −32.8% | $19.15 |
| Dow Jones Industrial Average in 1991 | +20.3% | 3,168.83 |
| S&P 500 in 1991 | +26.3% | 417.09 |
| Nasdaq Composite in 1991 | +56.9% | 586.34 |
| Russell 2000 in 1991 | +43.7% | 189.94 |
| Nikkei 225 in 1991 | −3.6% | 22,984.00 |
| Gold in 1991 | −8.6% | $353.15 |
| Silver in 1991 | −7.9% | $3.86 |
| Brent crude oil in 1991 | −37.4% | $17.75 |
| US 10-year Treasury yield in 1991 | −1.37 pp | 6.71% |
Oil Price (WTI) in 1991: FAQ
How much did the oil price (WTI) fall in 1991?
The oil price (WTI) fell 32.8% in 1991, from $28.48 at the end of 1990 to $19.15. Its highest close was $32.25 on Jan 16, and its lowest $17.43 on Feb 22. The biggest one-day fall was −33.4% on Jan 17 and the biggest rise +15.2% on Jan 22. Adjusted for inflation, it lost 34.8%.
What were the highest and lowest closes of the oil price (WTI) in 1991?
Highest: $32.25 on January 16, 1991. Lowest: $17.43 on February 22, 1991. It closed higher on 128 of 253 trading days.
What happened to the oil price (WTI) on January 17, 1991?
US-led coalition begins Operation Desert Storm air campaign against Iraq. The oil price (WTI) fell 33.4% that day, and was −31.0% a month later.
Data: WTI Cushing spot price (EIA via FRED) from 1986, NYMEX front-month 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{corgano2026oilpricewtiin, author = {{Corgano}}, title = {Oil Price (WTI) in 1991}, howpublished = {\url{https://goldprice.corgano.com/market-history/oil-wti/1991}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-31}}