Oil Price (WTI) in 2004
The oil price (WTI) rose 33.4% in 2004, from $32.51 at the end of 2003 to $43.36. Its highest close was $56.37 on Oct 26 — a record that stood until March 16, 2005, and its lowest $32.49 on Feb 6. The biggest one-day fall was −7.3% on Dec 1 and the biggest rise +6.1% on Jun 1. Adjusted for inflation, it gained 29.2%.
Oil Price (WTI), daily closes 2004
Numbers mark the events belowKey Events in 2004
What happened, and how the WTI oil moved — on the day (or the next trading day) and about a month later.
- 1
Wednesday, March 17 From the dataBack above its pre-bear-market peak of $37.96 (February 26, 2003).
- 2
Friday, May 14 From the dataWTI oil sets the first of 31 record closing highs this year, at $41.42. Back above its pre-bear-market peak of $41.07 (October 11, 1990).
- 3
Tuesday, June 1 From the dataBiggest one-day rise of the year: +6.1%.
- 4
Friday, October 1 From the dataWTI oil closes above $50 for the first time ($50.16).
- 5
Tuesday, October 26 From the dataLast record close of the year: $56.37.
- 6
Wednesday, December 1 From the dataBiggest one-day fall of the year: −7.3%.
- 7
Thursday, December 2 From the dataEnters a bear market: 20% below its peak of $56.37 (October 26, 2004).
- 8
Friday, December 10 From the dataBear market low: $40.71, 27.8% below the peak.
Biggest days of 2004
| Best days | Worst days | ||
|---|---|---|---|
| Jun 1 | +6.1% | Dec 1 | −7.3% |
| Dec 15 | +5.9% | Oct 27 | −6.8% |
| Nov 19 | +5.6% | Jun 2 | −5.6% |
| May 24 | +5.5% | Dec 2 | −4.9% |
| Dec 17 | +4.9% | Feb 26 | −4.9% |
Volatility: 36.4% (annualised standard deviation of daily changes).
Month by month
| Month | Close | Change |
|---|---|---|
| Jan | $33.16 | +2.0% |
| Feb | $36.08 | +8.8% |
| Mar | $35.75 | −0.9% |
| Apr | $37.31 | +4.4% |
| May | $39.90 | +6.9% |
| Jun | $36.92 | −7.5% |
| Jul | $43.72 | +18.4% |
| Aug | $42.23 | −3.4% |
| Sep | $49.56 | +17.4% |
| Oct | $51.78 | +4.5% |
| Nov | $49.16 | −5.1% |
| Dec | $43.36 | −11.8% |
Other Markets in 2004
Change over the calendar year.
| Market | Change | Year-end |
|---|---|---|
| Oil Price (WTI) | +33.4% | $43.36 |
| Dow Jones Industrial Average in 2004 | +3.1% | 10,783.01 |
| S&P 500 in 2004 | +9.0% | 1,211.92 |
| Nasdaq Composite in 2004 | +8.6% | 2,175.44 |
| Russell 2000 in 2004 | +17.0% | 651.57 |
| Nikkei 225 in 2004 | +7.6% | 11,488.76 |
| Gold in 2004 | +4.6% | $435.60 |
| Silver in 2004 | +14.2% | $6.82 |
| Brent crude oil in 2004 | +33.3% | $40.38 |
| US 10-year Treasury yield in 2004 | −0.03 pp | 4.24% |
Oil Price (WTI) in 2004: FAQ
How much did the oil price (WTI) rise in 2004?
The oil price (WTI) rose 33.4% in 2004, from $32.51 at the end of 2003 to $43.36. Its highest close was $56.37 on Oct 26 — a record that stood until March 16, 2005, and its lowest $32.49 on Feb 6. The biggest one-day fall was −7.3% on Dec 1 and the biggest rise +6.1% on Jun 1. Adjusted for inflation, it gained 29.2%.
What were the highest and lowest closes of the oil price (WTI) in 2004?
Highest: $56.37 on October 26, 2004. Lowest: $32.49 on February 6, 2004. It closed higher on 129 of 249 trading days.
Did the oil price (WTI) reach a record high in 2004?
Yes — 31 record closing highs, the last at $56.37 on October 26, 2004.
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 2004}, howpublished = {\url{https://goldprice.corgano.com/market-history/oil-wti/2004}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-11-01}}