Oil Prices in 2020
Brent crude averaged $41.96 per barrel in 2020 and WTI $39.16. For Brent it was the lowest annual average since 2004. A Saudi-Russian price war collided with pandemic lockdowns. Brent spot fell to $9.12 on 21 April, and WTI spot closed at −$36.98 on 20 April, the first negative price in its history. Record OPEC+ cuts and vaccines lifted Brent back to about $51 by December.
| Month | Brent | WTI | Brent − WTI | Brent (relative) |
|---|---|---|---|---|
| January | $63.65 | $57.52 | $6.13 | |
| February | $55.66 | $50.54 | $5.12 | |
| March | $32.01 | $29.21 | $2.80 | |
| April | $18.38 | $16.55 | $1.83 | |
| May | $29.38 | $28.56 | $0.82 | |
| June | $40.27 | $38.31 | $1.96 | |
| July | $43.24 | $40.71 | $2.53 | |
| August | $44.74 | $42.34 | $2.40 | |
| September | $40.91 | $39.63 | $1.28 | |
| October | $40.19 | $39.40 | $0.79 | |
| November | $42.69 | $40.94 | $1.75 | |
| December | $49.99 | $47.02 | $2.97 | |
| 2020 average | $41.96 | $39.16 | $2.80 |
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 2020, quarter by quarter
Q1: From Soleimani to the price war
The US killing of Iranian general Qassem Soleimani on 3 January lifted Brent spot to $70.25 on 6 January, the high for the year. As the coronavirus spread from China, demand expectations collapsed. On 6 March OPEC+ talks broke down when Russia refused deeper cuts. Saudi Arabia responded by slashing its official selling prices and promising record output, and on 9 March Brent futures fell about 24%, the largest one-day drop since 1991. The WHO declared a pandemic on 11 March. Brent averaged $32.01 in March, down from $63.65 in January.
Q2: Negative WTI and the record cut
Lockdowns cut global oil demand by roughly 20 million barrels per day at the April low, about a fifth of the total. On 12 April OPEC+ agreed to cut output by 9.7 million b/d from May, the largest coordinated cut ever. The cut came too late for April. Storage filled quickly, especially around Cushing, Oklahoma, the delivery point for WTI. On 20 April holders of the expiring May WTI futures contract had nowhere to put physical oil, and the contract settled at −$37.63. Brent spot hit $9.12 the next day. April's monthly averages were $18.38 for Brent and $16.55 for WTI. Saudi Arabia, the UAE and Kuwait added extra voluntary cuts for June, and Brent recovered to $40.27 in June.
Q3: A $40 plateau
Demand returned unevenly as economies reopened. OPEC+ eased its cut to about 7.7 million b/d from August, and prices stalled. Brent held between $40 and $45 on a monthly basis from June to November, while large inventories built during the spring were slowly drawn down.
Q4: Vaccines spark a rally
On 9 November Pfizer and BioNTech reported that their vaccine was more than 90% effective, and oil jumped. On 3 December OPEC+ agreed to raise output by only 500,000 b/d in January instead of the 2 million b/d previously planned. Brent averaged $49.99 in December and ended the year at $51.22, still about 24% below its first trading day.
2020 highs and lows
| Brent | WTI | |
|---|---|---|
| First trading day | $67.05 (2 January 2020) | $61.17 (2 January 2020) |
| Annual high | $70.25 (6 January 2020) | $63.27 (6 January 2020) |
| Annual low | $9.12 (21 April 2020) | −$36.98 (20 April 2020) |
| Last trading day | $51.22 (31 December 2020) | $48.35 (31 December 2020) |
Daily closing spot assessments from EIA series RBRTE and RWTC (via FRED). Futures settlements and intraday prices differ from these spot values.
The EIA's WTI spot value of −$36.98 differs slightly from the −$37.63 futures settlement because the two are assessed differently. The full story is on our negative oil prices in 2020 page.
How 2020 compares
Brent's 2020 average was $22.34 below 2019 ($64.30) and the lowest since 2004. The year showed how a storage shortage can break the link between WTI and Brent for a few days: WTI, delivered at a landlocked hub, fell much further than waterborne Brent (see Brent vs WTI). Supply and demand shocks of this size are rare; our what moves oil prices guide puts them in context. For every year since 2000, see the oil price history table.
← Oil prices in 2019
Brent averaged $64.30: OPEC+ cuts, sanctions and Abqaiq.
Oil prices in 2021 →
Brent averaged $70.86 in the post-pandemic recovery.
Oil prices in 2020 FAQ
What was the average oil price in 2020?
Brent crude averaged $41.96 per barrel in 2020 and WTI averaged $39.16, according to EIA spot price data. For Brent this was the lowest annual average since 2004, and for WTI the lowest since 2003. Pandemic lockdowns and a brief Saudi-Russian price war cut demand and flooded the market with oil in the spring.
Why did WTI go negative in April 2020?
WTI went negative because the expiring May 2020 futures contract requires physical delivery at Cushing, Oklahoma, where storage was nearly full. Traders holding contracts had to pay others to take the oil. The contract settled at −$37.63 per barrel on 20 April 2020.
What was the lowest Brent price in 2020?
Brent's lowest daily spot price in 2020 was $9.12 per barrel on 21 April, according to EIA data. Brent never went negative, because it is settled in cash and loaded at sea, so cargoes could be stored on tankers. Brent futures stayed far above the spot low.
How big was the OPEC+ cut in 2020?
On 12 April 2020, OPEC+ agreed to cut production by 9.7 million barrels per day from May, the largest coordinated cut in its history. The cut was eased to about 7.7 million b/d from August 2020 and then unwound gradually through 2021 and 2022.
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.
WTI Crude Oil Price
Current WTI crude oil price live in USD per barrel, with a real-time chart, NYMEX contract facts, Cushing delivery and key US drivers.
What Moves Oil Prices
What moves oil prices: OPEC+, inventories, demand, spare capacity, geopolitics, the dollar, rates, speculation and the futures curve.
WTI Futures
WTI crude oil futures (NYMEX CL): live price, contract specs, last trading day rule, Cushing delivery, Micro WTI and the futures curve.