NEWS AFFAIRS 7 : WHERE EVERY STORY HAS IT'S AFFAIR!
Last updated on May 25th, 2024 at 09:26 pm
Table of Contents
Oil prices went up ?
Oil prices went up because there was less oil stored in the U.S. for a second week, and prices increased slightly due to lower inflation. When inflation, or the general increase in prices, goes down, it’s possible that the government might reduce the amount of money people have to pay for borrowing. This could help the economy grow, which usually means more people use oil.
Energy Prices:
| Type | Price (per unit) | Change |
|---|---|---|
| West Texas Intermediate | $79.37 per barrel | Up 0.9% |
| Brent | $83.30 per barrel | Up 0.65% |
| RBOB Gasoline | $2.54 per gallon | Up 1.58% |
| Natural Gas | $2.48 per thousand cubic feet | Up 2.61% |
Changes Over Time:
| Type | Change (Year to Date) |
|---|---|
| West Texas Intermediate | +10.76% |
| Brent | +8.3% |
| RBOB Gasoline | +20.6% |
| Natural Gas | -1.3% |
Key Points:
- U.S. crude oil storage went down by 2.5 million barrels last week.
- Refineries processed more crude oil, suggesting demand for oil might be increasing.
- Lower inflation in April means there’s a higher chance that the government might reduce interest rates, which could help the economy and oil demand.
- While oil prices went up slightly this week, they’ve dropped by 3% for West Texas Intermediate and 5.2% for Brent this month.
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