As countries around the world report improved COVID-19 numbers, oil prices are moving higher. Patrick DeHaan with GasBuddy says West Texas Crude was trading as high as $70 per barrel in Monday’s action, continuing a trend of slowly pushing higher. DeHaan noted the increase in oil prices is a story of recovery.

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“There has been a lot of move into WTI, according to the Commodity Futures Trading Commission, by speculators that are pushing oil prices a bit higher.  I think a lot of that, though, is simply speculative in nature, that is increase in oil demand continue as we see global recovery from the pandemic.”

DeHaan says he anticipates oil and fuel demand will increase considerably in the United States in the months ahead.

“With Americans essentially stuck to the U.S. this summer, foreign travel being difficult, that could lead to some record demand levels this summer.  So I think the future looks like we could see higher gas prices and oil prices coming down the road.”

What role does DeHaan see OPEC and the hurricane season playing on oil and fuel prices?




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