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The US gasoline averaged price more than $5 a gallon for the first time on Saturday, data from the AAA showed, extending a surge in fuel costs that is driving rising inflation. The national average price for regular unleaded gas rose to $5.004 a gallon on June 11 from $4.986 a day earlier, AAA data showed.
WTI Crude hitting the $121 per barrel mark earlier in the day and, in doing, having hit fresh three-month highs, front-month WTI futures have waned in recent trade. WTI was last trading in the $118s and down about $1.50 on the session, with the boost from this weekend’s news about the Saudis upping their Official Selling Price (OSP) to large Asian customers having now faded.
WTI crude futures coming within a whisker of hitting the $120 per barrel mark earlier in the session before backing off somewhat following a risk-averse start to the final trading day on Wall Street of the month.
Crude oil prices climbed above $120 a barrel today, hitting their highest in more than two months as traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports.
WTI oil prices have stabilised close to monthly highs today, supported amid a strong end to the week for global risk assets and commodity markets, and with familiar supportive themes in focus. Front-month WTI oil prices were last trading ever so slightly in the red near the $114 per barrel mark, on course to post a weekly gain of just shy of $3.50.
On Tuesday oil prices fell as concerns over a possible recession and China’s COVID-19 curbs outweighed an expectation of tight global supply and a pick-up in fuel demand with the U.S. summer driving season. Brent crude oil prices for July slid 61 cents, or 0.5%, to $112.81 a barrel by 0402 GMT.
WTI crude oil prices stabilized within recent ranges on Monday amid a fairly quiet start to the week so far as crude oil relevant newsflow is concerned, with benchmarks broadly failing to benefit from a rally in global equities and a decline in the US dollar.
WTI crude oil prices remains on the front foot for the third consecutive day, edging high around $110.35 during early Monday morning in Europe. In doing so, the black gold extends the previous day’s upside break of the 50-HMA to rise past the one-week-old descending trend line.
US gas prices hit a new high of $4.59 per gallon today, according to AAA. For the first time ever, the average price was $4 per gallon or above in all 50 states this week, AAA data shows. Last year at this time, the price was $3.04 per gallon.
Crude oil prices rose today, recovering from early losses, on hopes that planned easing of restrictions in Shanghai could improve fuel demand while lingering concerns over tight global supplies outweighed fears of slower economic growth.