Oil prices have be on an upward trend for most of February, with West Texas Crude trading above $61 per barrel Monday, the highest prices reported since mid-April. And while much of that gain has occurred in less than four weeks, one expert does not expect this path to continue much longer.
Global Market Strategist Kerry Craig recently told CNBC while prices have increased as of recent, he does not expect oil prices to reach the $80 or $90 per barrel range anytime soon.
“The disconnect, though is when it comes to the energy markets thinking about the equities and the equity outlook for say oil companies. And I think that’s where there’s a greater focus on things like sustainable investing, ESG, and really some policies coming out of the U.S.in terms of what we may see in an infrastructure package or that stimulus package from the U.S. Administration and how that may play through and thinking about energy markets into the future.”
With oil prices moving so sharply, fuel prices are following suit.
The national average for a gallon of diesel increased nine cents this week to $2.84, Washington’s average also increased nine cents to $3.01 a gallon, Oregon’s diesel price jumped nine cents this week to $2.91, while Idaho’s diesel prices increased five cents to $2.84 a gallon.
If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail [email protected]