u/GradeOk6216

Monthly average price of WTI crude oil, Jan 1992 – Mar 2026

The shaded bands mark some major economic episodes for context.

A few things that stand out:

• The 1990s were unusually calm. Oil mostly sat between $15 and $25

• The 2008 run-up to $130+ and the crash right after is the sharpest swing

in the series

• April 2020: the COVID demand shock pulled the monthly average down to $17. We all remember the negative prices on a lower time scale

Data source: IMF Primary Commodity Price System, via FRED (series POILWTIUSDM)