WTI Crude Oil Closes at $97.06 per Barrel, Down Slightly from Prior Day
Oil prices increased to $97.06 per barrel on April 16, 2026, marking a rise of 23 cents from the previous day. This price is significantly higher than one year ago, when oil was priced at $66.17 per barrel.
Fortunem. Eastern Time on April 16, 2026. 83 per barrel on April 15, 2026. 17 per barrel one year earlier on April 16, 2025. 19 per barrel on March 16, 2026. S. Energy Information Administration uses it as its primary reference in its Annual Energy Outlook.
The fluctuations in oil prices can be attributed to various historical events, including the oil embargo during the Yom Kippur War in the early 1970s and the financial crisis in 2008, which saw prices plunge alongside global economic downturns. S. energy policy has also influenced oil prices.
Recent U.S. administrations have taken opposing approaches to Arctic oil leasing: approving 5 million acres under Trump and imposing limits under Biden, influencing supply dynamics.
Story Timeline
5 events- 2026-04-16
Oil prices reached $97.06 per barrel.
1 sourceFortune - 2026-04-15
Oil price was $96.83 per barrel.
1 sourceFortune - 2025-04-16
Oil price was $66.17 per barrel one year ago.
1 sourceFortune - 2026-03-16
Oil price was $104.19 per barrel one month ago.
1 sourceFortune - 2025
The Trump administration reopened more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing.
1 sourceFortune
Potential Impact
- 01
Increased oil prices may lead to higher fuel costs for consumers.
- 02
Changes in U.S. energy policy may further influence oil market dynamics.
- 03
Rising oil prices could impact inflation rates.
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