At 7 a.m. Eastern Time, the price of oil stood at $105.84 per barrel, using Brent as the benchmark, down $4.61 from the previous day but up $41 from a year earlier. Brent crude is the main global benchmark, while West Texas Intermediate is the main North American reference. Crude oil typically accounts for more than half of the final cost of a gallon of gasoline, with the remainder reflecting refining, distribution, taxes and retailer margins. Gasoline prices generally rise quickly when oil prices increase but tend to fall more slowly when crude declines. The U.S. Strategic Petroleum Reserve can support supply during emergencies, while oil price movements also influence natural gas, inflation and transportation costs.
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