Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States.
Press release from AAA: Today’s national average price for a gallon of gasoline is $2.77, up 5 cents from last week. One year ago, the price was $2.39. The New York State average is $2.83 – up 5 cents from last week. A year ago, the NYS average was $2.57. AAA Western and Central New York (AAA WCNY) reports the following averages: Batavia $2.76 (up 4 cents since last week)
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The start of the week’s trading session saw major U.S. indexes rally with oil prices following the move higher. Taking a look under the hood of ERX, there are some familiar names in big oil, such as Exxon Mobil Corporation and Chevron Corporation, which help explain its over 90% year-to-date gain.
“Oil rallied toward $70 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps,” wrote Saket Sundria in World Oil. “The surprise decision spurred a wave of crude price forecast upgrades by major banks. The producer alliance agreed to hold output steady in April, while Saudi Arabia said that it will maintain its 1 million barrel-a-day voluntary production cut.”
Read more about Oil prices rise on expected economic recovery, US $1.9 trillion relief bill on Business Standard. Oil prices rose on Tuesday on expectations of a recovery in the global economy after US Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the US