DeHaan: Oil Prices Moving Higher Amid COVID, China Concerns

Oil prices continue to slowly move higher, thanks to more and more states opening up and a better than expected May jobs report, but that could change in the coming weeks. Patrick DeHaan with GasBuddy said prices moved as high as $40 per barrel in last week’s trade, but have given some of those gains back.

“We are now looking at oil prices that have slowly dropped to about $36 per barrel on renewed concerns of a second wave of coronavirus cases and rising trade tensions with China.  So, last week’s drop in the price of oil may translate into a slower rise in gasoline and diesel this week.”

With oil prices moving higher we’ve seen an increase in diesel prices. Washington’s statewide diesel increased two cents this week to $2.68, Oregon’s price held steady at $2.57, while Idaho’s average increased one cent to $2.33.

Here are some of the lowest diesel prices we could find across the Inland Northwest:

• $2.35 a gallon in the Tri-Cities
• $2.27 a gallon in Wenatchee
• $2.35 a gallon in Pullman
• $2.21 a gallon in Lewiston
• $2.09 a gallon in Moses Lake
• $2.25 a gallon in Pendleton
• $2.69 a gallon in Walla Walla
• $1.99 a gallon in Yakima

DeHaan noted with higher oil prices, Saudi Arabia is looking at relaxing OPEC production cuts to keep oil prices from moving to high. To learn more, listen to our entire conversation with DeHaan:

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