Despite Good News Virus Still Weighs On Oil Prices

Thanks to a variety of uncertainties over the past couple of months, the coronavirus continues to dominate fuel and oil price news. In Monday’s trade, West Texas Crude was trading slightly above $41 per barrel, virtually the same price we’ve seen for weeks.

Daniel Yergin, HIS Market Vice Chairman recently told Fox Business News that oil prices are stuck in “virus alley”. He said there’s good economic news that should push oil price higher, such as demand increasing in China and India to 2019 levels as well as the hope of a vaccine in the coming months.

The downside?

“It’s what you see in Europe in the resurgence in the virus and in the United States. So, while I think the virus is still going to sit on the oil prices, until we get to that world that’s call a vaccine.”

Diesel prices nationally up two cents to $2.38 per gallon, Washington’s average increased six cents to $2.78 a gallon, Oregon’s diesel price jumped ten cents to $2.68 a gallon, while Idaho’s statewide diesel prices average jumped up 15 cents to $2.60.

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