Oil Prices Rebound After Friday Sell Off

It’s been a relatively turbulent time for oil prices, with the price of West Texas Crude dropping 5% Friday, and then moving up more than 2% in Monday’s action.  Why the volatility?

OPEC and its allies might discuss and even agree to deepen their production cuts to re-balance prices.  Monday, WTI was trading around $56 a barrel.  OPEC leaders will meet in Vienna later this week, where the idea of a production cut may be discussed to stave off a glut of oil on the market into 2020.

The recent news has not impacted diesel prices, with the national average unchanged in the past week at $3.00 a gallon, Washington’s diesel price dropped three cents to $3.50, Oregon’s diesel price dropped three cents as well to $3.41 a gallon, while Idaho’s average only dropped a penny to $3.44 a gallon.

As far as the local diesel prices are concerned:

• $3.29 a gallon in the Tri-Cities
• $3.25 a gallon in Wenatchee
• $3.35 a gallon in Pullman/Moscow
• $3.19 a gallon in Lewiston/Clarkson
• $3.19 a gallon in Quincy
• $3.29 a gallon in Moses Lake
• $3.35 a gallon in Pendleton
• $3.55 a gallon in Walla Walla
• $2.99 a gallon in Yakima

If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekradio.com