At 8:30 a.m. Eastern Time, Brent crude oil was priced at $98.45 per barrel, up $3.87 from the previous day and roughly $35 higher than a year earlier. Oil prices remain determined mainly by supply and demand, but they can shift rapidly because of recessions, wars, and supply disruptions. Crude oil accounts for a substantial share of the price at gas pumps, alongside taxes, refining, transportation, and retailer margins. The U.S. Strategic Petroleum Reserve can provide temporary relief during supply shocks, while historical prices have been strongly shaped by wars, recessions, OPEC+ decisions, and the growth of shale oil production.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
