Trade Deal With China Putting Pressure On Oil Prices

Oil prices are up just slightly from this time last week, but don’t let that figure fool you. As Patrick DeHaan with GasBuddy.com put it, the past seven days have been very volatile when it comes to oil prices, moving up sharply in the middle of last week, only to drop just before the weekend.

DeHaan added the anticipation is oil prices are going to move higher in the coming weeks. He said one of the chief factors pushing oil prices, higher, positive trade news between the U.S. and China.

“Though the President has referred to it has Phase One, the markets are still looking at it with a very upbeat attitude. So, yes, very much traders reacting on whatever news of the day there may be and most recently it does seem like there are more positive inroads to talk about between the U.S. and China that may be affecting oil prices.”

In addition to that, economic news is pushing oil prices higher. DeHaan said the number of oil rigs has plummeted recently, and the U.S. government recently reported a six million barrel drop in oil inventory.

Despite those pressures, national oil prices held steady this week at $3.00, while Northwest prices continued their steady climb, Washington’s diesel prices jumped six cents this week, and Oregon’s figure climbed five cents to $3.49 a gallon.

As far are those local diesel prices are concerned, here are the lowest rates we could find: