
Oil Prices Move Up Slightly Thanks To Economic Concerns
Typically, this time of year is lighter, and even a little slower in the world of business and economics, as many of us prepare for the holidays and the end of the year. But that is not necessarily the case when it comes to oil prices and fuel prices. Patrick DeHaan with Gasbuddy.com said oil prices have inched up in the past week, thanks to growing concern over the possibility of new sanctions.
"The EU, along with the U.S., may add some of the “Shadow Feet” Russian ships transporting crude oil to the global market," DeHaan said. "They could be targeted with sanctions from both the United States and the EU. And that pushed oil prices above $70 a barrel for the first time in the last couple of weeks, and oil prices so far have at least maintained that level.”
While West Texas Crude was above $70 a barrel in Monday’s action, WTI had given up some of the most recent gains. The question at this point; will these higher oil prices stick around long? DeHaan said oil investors will continue to keep a close eye on economic issues around the world, with China being the top on that list.
“China, being in the world’s second largest oil consumer, what happens there can have significant ramifications for global oil demand. But I mean, there's also been other issues including OPEC production levels, which their production cuts now continue into April, that is a balancing factor to watch as well. So, there's a lot of issues, although it looks like some tensions in the Middle East and in Russia are maybe fading to the background and it looks like the market is really struggling with some of these concerns over economic weakness overseas.”
Listen to our entire Price at the Pump podcast:
If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail glenn.vaagen@townsquaremedia.com
More From PNW Ag Network








