Oil Prices Look To Move Higher Thanks To Production Cuts

Oil Prices look poised to move higher in the coming days, thanks to recent comments made by Russia, which said its oil output had dropped almost to its target of 8.5 million barrels per day. While West Texas Crude was not traded Monday, because of the Memorial Day holiday, other oil indicators moved higher following Russia’s comments. In addition, OPEC and other oil producing countries are set to meet again next month to discuss maintaining their supply cuts to keep prices higher.

Oil prices are currently 45% lower than they were to start the year.

When it comes to your diesel prices, the national rate for a gallon of diesel did not change this week, holding steady at $2.41, Washington’s rate held steady at $2.67, Oregon’s diesel price increased three cents to $2.58, and Idaho’s diesel price dropped a penny to $2.34.

As far as those local pump prices are concerned:

• $2.32 a gallon in the Tri-Cities
• $2.29 a gallon in Wenatchee
• $2.40 a gallon in Pullman
• $2.21 a gallon in Lewiston
• $2.09 a gallon in in Moses Lake
• $2.23 a gallon in Pendleton
• $2.59 a gallon in Walla Walla
• $2.09 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