Posted 4/3/2024, 9:56:59 PM
Oil Prices Hit 5-Month High Over $85 on Supply Concerns, But Could Ease Pending Increased Output
- Oil prices hit a 5-month high above $85/barrel due to OPEC+ production cuts, Middle East tensions, and unexpected increase in US stockpiles
- Demand continuing to increase with strong manufacturing data in US and China
- January production was down due to cold weather, but US drilling is hitting record levels
- If Middle East tensions continue, could see higher prices, but analyst expects prices to fall again
- Gasoline prices creeping up heading into summer driving season, could hit $5/gallon in Southern states leading to drop in demand