U.S. gasoline prices have resumed their uptrend, with AAA reporting the national average at $3.161 per gallon of regular compared to $3.139 a week ago and $3.115 a month ago. The national average price of diesel has increased 0.8 cents and now stands at $3.632 per gallon.
“The national average has inched higher, driven primarily by sharp gas price increases on the West Coast, where refinery maintenance and outages have created a ripple effect in neighboring states, pushing prices higher in many communities,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While most of the country has experienced a relatively quiet week for gas prices, the West Coast has seen rapid increases — a trend that should slow in the coming days. Although the surge remains isolated to the West for now, refinery maintenance will soon begin in other regions, and with the transition to summer gasoline blends underway, prices in most areas are likely to start rising in the weeks ahead. Meanwhile, oil prices remain subdued in the low $70s as President Trump works on a potential peace deal between Russia and Ukraine — an event that, if realized, could have significant implications for oil markets in the months ahead.”
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The oil price selloff accelerated last week after U.S. President Donald Trump took the first big step towards ending Russia’s war in Ukraine three weeks after his inauguration. However, oil prices edged higher on Monday: Brent crude for April delivery rose 0.2% to trade at $74.92 per barrel at 10.50 am ET, while WTI crude for March delivery was up 0.4% to change hands at $71.03 per barrel.
On social media, Trump said he and Putin “agreed to have our respective teams start negotiations immediately, and we will begin by calling President Zelenskiy, of Ukraine, to inform him of the conversation, something which I will be doing right now.”
A ceasefire to the Russia-Ukraine war could be bearish for oil prices if Trump pushes for the removal of sanctions on the Russian energy industry, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. Geopolitical stability may also “largely extinguish the still simmering ‘fear bid’ in the oil market.”
By Alex Kimani for Oilprice.com
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