(Bloomberg) -- The Biden administration will likely need to tap oil from the country’s emergency reserves to counter a spike in gasoline prices and amid...
-- The Biden administration will likely need to tap oil from the country’s emergency reserves to counter a spike in gasoline prices and amid inflation fears during the summer driving season.Goldman Traders Deliver Surprise Profit Surge
Gasoline prices soared 17% this year fueled by a rally in oil prices, which have gained 18% in the same period as supply disruptions tilted global balances into a deficit. Geopolitical tensions in the Middle East, where more than a third of the world’s oil is produced, coupled with production cuts from OPEC+ and its allies and Mexico’s decision to slash oil exports are weighing on the market.
Oil prices sank by about 1% a barrel on Monday after Iran's weekend attack on Israel proved to be less damaging than anticipated, easing concerns of a quickly intensifying conflict that could displace crude barrels. Oil benchmarks had risen on Friday in anticipation of Iran's retaliatory assault, with prices soaring to their highest since October.
Gasoline Prices Strategic Petroleum Reserve Oil Prices
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COMMENTARY: N.L. government must improve policies to tap into oil and gas potentialExplore stories from Atlantic Canada.
Read more »
Those most likely to benefit from a budget are least likely to have oneResearchers found that the more unpredictable a household’s income is, the less likely that household will want to budget
Read more »
BMO Economist Believes Crude Oil Price Gains Likely Behind UsBMO senior economist Art Woo believes that the recent gains in crude oil prices are likely behind us, despite calls for US$100 crude from energy-focused fund managers. Woo forecasts an average price of US$80 for 2024 and believes that current prices are close to an equilibrium level.
Read more »
Oil price news: Oil snaps 3-day drop as Russia attacks add to global tensionOil futures gained on escalating geopolitical unrest following attacks in Russia and a bullish Goldman Sachs Group Inc. note on the outlook for commodities.
Read more »
Iraq and Oil Firms Blame Each Other for Key Oil Pipeline DelaysIraq’s government and oil companies working in the country’s north blamed each other for delays in resuming a key pipeline to Turkey, divisions that could keep the link shut for even longer.
Read more »
Oil price news: Oil steady as stronger dollar offsets tightening fundamentalsOil steadied near US$86 a barrel in London as a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market.
Read more »