Price At The Pump: International News Keeping Prices In Check

Oil prices continue the trend we’ve seen for several months, where prices don’t deviate much week to week, holding in the low- to mid- $60 range.

“It's really a balance of new Russian sanctions that President Trump announced in the last couple of weeks, those sanctions potentially curbing the flow of oil out of Russia," said Patrick DeHaan with Gasbuddy.com.  "On the other side of the seemingly same equation on oil production, OPEC met over the weekend and decided to again increase oil output for the month of December.  Now, before we all start jumping up and down at how great that might be for pushing oil lower, the group also agreed that they were going to pause further increases that would have taken effect January, February, and March of 2026.”

As of Tuesday morning, both West Texas Intermediate and Brent Crude were trading lower by nearly 2%, with WTI trading around $60 per barrel, while Brent is closer to $64 per barrel.

DeHaan noted one thing that could move this oil price stalemate, a trade agreement between the U.S. and China.  He said if trade increases because of a reduction in tariffs, that could push global oil demand up slightly on the potential that it could improve both the American and Chinese economies.

“But for now, you know, the seasonal downturn in gas prices really being checked by some of the potential for sanctions," DeHaan said.  "Overall, gas prices largely pretty quiet across the country. The national average at about $2.99 a gallon this morning. It likely will perk back above the $3.”

Last week, the Federal Reserve cut interest rates by ¼ point, what impact is that having on oil prices? Find out by listening to our Price at the Pump podcast with DeHaan:

Remember to join us Tuesday mornings during NW Today for your PNW Ag Network Price at the Pump.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail glenn.vaagen@townsquaremedia.com