Crude oil prices end the year lower than they began in 2018 (1/9/2019)

Brent crude oil averaged $72 per barrel (b) in 2018, nearly $17/b more than the average price for Brent in 2017. The annual change for West Texas Intermediate (WTI) increased similarly, averaging $65/b, more than $14/b greater than in 2017. Nevertheless, Brent ended the year at $54/b, nearly $13/b lower than it began the year, while the WTI price ended the year at $45/b, nearly $15/b lower than at the beginning of the year (Figure 1). Last year marks the first time since 2015 that either crude oil ended the year at a lower price than it began. The spread between Brent and WTI prices increased in 2018, averaging $7.02/b, nearly double the 2017 average spread. ... More »