Oil is trading at $107.29 per barrel based on the Brent benchmark, down 75 cents from yesterday and $44 higher than a year ago. Crude oil often represents more than half the cost per gallon at the pump and directly influences gas prices. The U.S. Strategic Petroleum Reserve is designed to protect energy security during crises and cushion supply shocks. Two main benchmarks are used: Brent, the global reference, and WTI, the North American reference. Oil’s historical performance has shown significant volatility driven by wars, global recessions, OPEC decisions, and shifting energy policies.
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