oil price drop
Source: EIA, NYMEX
Description: The line chart follows the percentage decline in WTI crude oil prices over the course of several market events. During the Gulf War of 1990 and 1991 the price declined from US$41.07/bbl on 11 October 1990 to US$17.43/bbl on 25 January 1991, a total decline of 58% over 95 trading days until prices began to recover. During the financial crisis in 2008, the price declined from US$145.2/bbl on 14 July 2008 to US$30.3/bbl on 23 December 2008, a total decline of 79% over 114 trading days until prices began to recover. During the oil price beginning in 2014, the price declined from US$105.7/bbl on 28 July 2014 to US$26.7/bbl on 20 January 2016, a total decline of 75% over 373 trading days until prices began to fully recover. During the COVID-19 virus outbreak, the price declined from US$63.3/bbl on 6 January 2020 to US$22/bbl on 20 March 2020, a total decline of 65% over 52 trading days.
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