Crude oil is the world’s most traded commodity and a key barometer of global economic health. This post tracks WTI (West Texas Intermediate) and Brent crude oil prices from 2000 to the present, with all major market events annotated.
Data source: Federal Reserve Bank of St. Louis (FRED) — series DCOILWTICO (WTI) and DCOILBRENTEU (Brent).
Current Snapshot
| WTI | Brent | |
|---|---|---|
| Latest price | $73.55 / bbl | ~$76.55 / bbl |
| Month-on-month | +$1.41 | — |
| 12-month average | $69.45 | ~$72.45 |
| All-time high | $133.88 (Jun 2022) | ~$147 (Jul 2008) |
| COVID low | $16.55 (Apr 2020) | — |
| Data since | January 2000 | January 2000 |
Interactive Chart
WTI & Brent Crude Oil Price
Monthly average, USD/barrel — Source: FRED / EIA
Key Price Events
| Date | WTI Price | Event |
|---|---|---|
| Jun 2008 | $133.88 | Near all-time high — speculation, tight supply, weak USD |
| Dec 2008 | $41.12 | Post-GFC collapse — global recession demand shock |
| Apr 2011 | $109.53 | Arab Spring supply disruptions |
| Jun 2014 | $105.22 | Last sustained triple-digit price |
| Nov 2014 | $75.79 | OPEC declines to cut — price war begins |
| Feb 2016 | $30.32 | Near 13-year low — OPEC oversupply + China slowdown |
| Nov 2016 | $45.66 | OPEC Vienna Agreement — first production cut since 2008 |
| Apr 2020 | $16.55 | COVID-19 demand collapse + storage crisis |
| Mar 2022 | $108.48 | Russia–Ukraine invasion — 14-year high |
| Jun 2022 | $114.84 | Post-invasion peak |
| Apr 2024 | $85.15 | Iran–Israel conflict risk premium |
| Apr 2025 | $62.12 | OPEC+ surprise output increase; US tariff-driven demand fears |
WTI vs. Brent: What’s the Difference?
| WTI | Brent | |
|---|---|---|
| Benchmark for | US & Americas crude | Europe, Africa, Middle East |
| Delivery point | Cushing, Oklahoma | North Sea |
| Typical spread | Reference price | ~$2–5 premium to WTI |
| Sulfur content | Very low (“sweet”) | Low (“sweet”) |
| Exchange | NYMEX (CME) | ICE Futures Europe |
The Brent-WTI spread widens when US storage at Cushing is full (as in 2020) or when logistics constraints isolate inland US supplies from global markets.
Supply-Side Drivers
OPEC+ Production Cuts Timeline
| Period | Cut | Effect |
|---|---|---|
| Nov 2016 | −1.8 M bbl/day | Vienna Agreement — ended 2-year glut |
| Apr 2020 | −9.7 M bbl/day | Historic COVID response |
| Oct 2022 | −2.0 M bbl/day | Surprise cut — geopolitical tension |
| Nov 2023 | −1.0 M bbl/day | Saudi + Russia voluntary extension |
| Apr 2025 | +0.4 M bbl/day | Surprise increase amid weakening demand |
US Shale Revolution
The rise of US tight oil production from 2010 onward structurally changed the market. The US became the world’s largest oil producer by 2018 (~13 M bbl/day), making OPEC’s market power more contested and keeping a structural ceiling on prices.
Macro Correlations
| Oil price moves | Typical macro effect |
|---|---|
| Sharp rise | Higher transport & energy costs → inflation → central banks hike rates |
| Sharp fall | Lower fuel costs → consumer spending boost; energy-sector stress |
| Sustained high | Petrodollar recycling; emerging market FX pressure |
| Sustained low | Fiscal pressure on Gulf states; US shale capex cuts |
Oil’s link to the FED interest rate is direct: the 2022 oil spike contributed to the highest inflation in 40 years, forcing the most aggressive hiking cycle since Volcker. The easing that began in late 2024 was partly enabled by energy price normalization.
Data: FRED DCOILWTICO / DCOILBRENTEU (Federal Reserve Bank of St. Louis / EIA). Script: data/fetch_oil_price.py. Brent approximated as WTI + $3 when live data is unavailable. Last updated: April 2026.