Oil Prices in 2015
Brent crude averaged $52.32 per barrel in 2015 and WTI $48.66, roughly half their 2014 levels. A spring rebound took Brent spot to $66.33 on 13 May. Prices then slid to $35.26 by 22 December as OPEC kept pumping for market share, US supply stayed resilient and fears grew over China's economy.
| Month | Brent | WTI | Brent − WTI | Brent (relative) |
|---|---|---|---|---|
| January | $47.76 | $47.22 | $0.54 | |
| February | $58.10 | $50.58 | $7.52 | |
| March | $55.89 | $47.82 | $8.07 | |
| April | $59.52 | $54.45 | $5.07 | |
| May | $64.08 | $59.27 | $4.81 | |
| June | $61.48 | $59.82 | $1.66 | |
| July | $56.56 | $50.90 | $5.66 | |
| August | $46.52 | $42.87 | $3.65 | |
| September | $47.62 | $45.48 | $2.14 | |
| October | $48.43 | $46.22 | $2.21 | |
| November | $44.27 | $42.44 | $1.83 | |
| December | $38.01 | $37.19 | $0.82 | |
| 2015 average | $52.32 | $48.66 | $3.66 |
Source: U.S. Energy Information Administration (EIA), monthly averages of daily spot prices, Europe Brent spot FOB (series RBRTE) and Cushing, OK WTI spot FOB (series RWTC), retrieved 13 October 2026. Nominal dollars.
What drove oil prices in 2015, quarter by quarter
Q1: The market-share strategy bites
On 27 November 2014, OPEC had decided not to cut output and to defend its market share against US shale. Brent opened 2015 at $55.38, down from about $115 in June 2014, and averaged $47.76 in January. US drillers began laying down rigs, and the falling rig count triggered a rebound in February. US commercial crude stocks kept building, though, and reached their highest level in decades in the spring. Saudi-led air strikes in Yemen began on 26 March and added a small risk premium.
Q2: A false recovery
Brent rose to an average of $64.08 in May, and spot peaked for the year at $66.33 on 13 May. WTI's high came on 10 June, at $61.36. US crude output peaked in the spring, but at a level far above what the market needed. At its 5 June meeting OPEC again left its target unchanged, and Saudi Arabia, Iraq and others pumped near record rates.
Q3: Iran deal and the China scare
On 14 July Iran and world powers signed the nuclear deal (JCPOA), raising the prospect of extra Iranian exports in 2016. In August China devalued the yuan and its stock market tumbled, and fears for the largest source of oil demand growth hit all commodities. Brent's monthly average fell from $61.48 in June to $46.52 in August.
Q4: No ceiling and the end of the export ban
At its 4 December meeting OPEC failed to agree any production ceiling, signalling that members would keep pumping freely. On 18 December the US lifted its 40-year ban on most crude oil exports. Brent spot fell to $35.26 on 22 December, and WTI to $34.55 a day earlier. Brent averaged $38.01 in December, its lowest monthly average since 2004, and ended the year at $36.61, about 34% below where it started.
2015 highs and lows
| Brent | WTI | |
|---|---|---|
| First trading day | $55.38 (2 January 2015) | $52.72 (2 January 2015) |
| Annual high | $66.33 (13 May 2015) | $61.36 (10 June 2015) |
| Annual low | $35.26 (22 December 2015) | $34.55 (21 December 2015) |
| Last trading day | $36.61 (31 December 2015) | $37.13 (31 December 2015) |
Daily closing spot assessments from EIA series RBRTE and RWTC (via FRED). Futures settlements and intraday prices differ from these spot values.
How 2015 compares
Brent's 2015 average was $46.65 below 2014 ($98.97), the largest annual fall in dollar terms in the EIA Brent series, which starts in 1987. The Brent-WTI spread narrowed to $3.66 from $5.80 in 2014. By late December WTI was trading above Brent, as the end of the export ban let US crude reach world markets. The collapse is covered in full on our 2014–2016 oil price crash page. The supply and demand forces behind it are explained in what moves oil prices, and the oil price history table compares every year since 2000.
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Oil prices in 2015 FAQ
What was the average oil price in 2015?
Brent crude averaged $52.32 per barrel in 2015 and WTI averaged $48.66, according to EIA spot price data. That was about half the 2014 level. OPEC's decision to defend market share, combined with high US shale output, created a large global oversupply.
What was the highest oil price in 2015?
Brent's highest daily spot price in 2015 was $66.33 per barrel on 13 May, during a spring rebound driven by falling US rig counts. WTI's spot high was $61.36 on 10 June. Prices fell for most of the second half of the year.
Why did oil prices fall in 2015?
Oil fell in 2015 because supply far exceeded demand. OPEC kept output high to win back market share from US shale, US production stayed near record levels, and the Iran nuclear deal promised more exports. In August, fears over China's economy added a demand shock.
When was the US crude oil export ban lifted?
The US lifted its ban on most crude oil exports on 18 December 2015, when Congress passed and the President signed a spending bill that repealed it. The ban had been in place since the 1970s. US crude exports have since grown into the millions of barrels per day.
Related pages
Oil Price History
Crude oil price history: Brent and WTI annual average prices 2000-2025, the spread by year, and the events behind every spike and crash.
Brent vs WTI
Brent vs WTI compared: live prices, why Brent trades at a premium, quality and delivery differences, and how the spread has moved since 2010.
What Moves Oil Prices
What moves oil prices: OPEC+, inventories, demand, spare capacity, geopolitics, the dollar, rates, speculation and the futures curve.
Crude Oil Price Chart
Live crude oil price chart with Brent and WTI, from 1-minute to monthly timeframes. Includes indicators, long-term performance and a guide to reading oil charts.