Oil Prices Hold Steady To Start Week, While Fuel Prices Move Higher

It was one of those rare weeks where oil prices and fuel prices did not move hand in hand. Patrick DeHaan with GasBuddy.com said there was a great amount of volatility last week, but I that did not reflect in higher oil prices.

“Oil prices kind of moving sideways in the last week. They started off last week at $57 per barrel, we start off this week at $56.33 a barrel for West Texas Intermediate Crude oil. So a little bit lower start to the week. As you mentioned there are a lot of geopolitical tensions, a possible trade deal with China looming.”

But despite no change in oil prices, gasoline and diesel prices moved higher this week, primarily because of U.S. refineries going off-line for maintenance or making the transition to summer blends.

DeHaan also noted oil prices could also move higher in the coming months thanks to international issues.

Whether that is a trade deal with China, the instability in Venezuela or OPEC.

[PATRICK – 2]

“In addition to Russia, of course oil production has been cut several in the past couple of years by OPEC, so any chatter or any yielding to President Trump in terms of an increase in production could alter oil prices moving forward.”

As far as diesel prices are concerned, the national average for a gallon increased two cents this week to $2.99, Washington’s average increase two cents to $3.18 while Oregon’s diesel price also increased two cents to $3.07.

As far as the lowest local diesel prices we could find: