(NAFB) For the second week of the new year, oil prices have moved higher. Patrick DeHaan with GasBuddy.com says this trend started last week.
On Monday, West Texas Crude was trading above $78 per barrel while Brent Crude was trading around $81 a barrel, the highest levels for both of those products since October.n Despite that jump, DeHaan says at this point, fuel prices have not moved higher.
Another international issue pushing those oil prices higher is President-elect Donald Trump’s continued threat of tariffs against Canada, Mexico, and other close U.S. allies.
DeHaan added a domestic issue that could push oil prices higher is the cold weather much of the eastern and central portion of the country are experiencing right now. If this cold snap continues for an extended period of time, more and more oil may be pulled aside to be converted into heating oil.
