Oil Prices Surge to 2023 Highs, Threatening Higher Gasoline Prices
TL;DR Summary
The price of crude oil grade WTI has reached its highest level since November 2022, rising to $87.12 per barrel, a 28% increase since June. This jump comes as Saudi Arabia and Russia announce extensions to their production cuts, and the US begins refilling its Strategic Petroleum Reserve (SPR) after it was drained to lower oil prices. While higher oil prices benefit the US oil and gas industry, they also drive up consumer prices and inflation.
- Crude Oil WTI Jumps to Highest since November, as SPR Gets Refilled, Saudi Arabia & Russia Extend Production Cuts WOLF STREET
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- Oil trades at 2023 highs. Are U.S. prices headed for $100? MarketWatch
- Oil Prices Soar To 2023 Highs—Threatening Higher Prices At The Pump After Output Cuts Forbes
- Gasoline prices leap -- here's what to blame TheStreet
- View Full Coverage on Google News
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