Oil prices were higher today after trading down sharply on Friday. The 50-day SMA of U.S. front month futures touched its highest since 2008, and Brent’s touched its highest since 2013. The US is weighing a decision on whether to pause a federal gasoline tax, which could come as soon as this week. This would only offer a slight reprieve, as the federal gas tax is around $.18, while most gas taxation is implemented at the state level. On the demand side, UBS analyst Giovanni Staunovo said that despite concerns over economic growth, data continues to show solid oil demand. “We expect oil demand to improve further, benefiting from the reopening of China, summer travel in the northern hemisphere, and the weather getting warmer in the Middle East. With supply growth lagging demand growth over the coming months, we continue to expect higher oil prices,” he said. The CEOs of six US energy majors will be meeting with the Secretary of Energy Thursday to discuss the current market situation. WTI traded up $1.53 or 1.42% to close at $109.52. Brent traded up $.52 or .46% to close at $114.65.<\/p>\n\n\n\n
Oil prices were higher today after trading down sharply on Friday.<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-6684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n