Fuel Prices Continue Decline Ahead of Christmas

Oil prices continue their downward trend as we get ready to celebrate the holidays. In Monday’s action, West Texas Crude was trading around $68 per barrel. While concerns about the omicron variant are weighing down oil prices right now, many investors actually have their eyes focused on the New Year. CNBC’s Pippa Stevens says OPEC believes the impact of the latest COVID-19 variant will be mild and short lived.

“They raised their demand forecast for the first quarter of 2022 by 1.1 million barrels per day.  But some of that is pushed out, thanks to slower than expected growth this quarter.”

She noted the prices of U.S. oil still roughly 16% lower than the high-water mark of the year set back in October.

Because of the drop in oil prices, fuel prices have moved lower. The nation's average gas price dropped for the sixth 6^th week, down 2.9 cents. Meanwhile the national average price of diesel declined two cents in the last week as well.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekmedia.com