The average price for a gallon of gasoline in the United States saw a weekly fall for the first time this year
Crude oil markets have stabilized a bit early on Monday trading, as we have sliced through a triangle in both of these markets, suggesting that perhaps we are simply going to trade in a longer-term range.
Hopes for a consumption ramp-up by Chinese industries and consumers helped global crude prices to rise Monday from the torrid selloff of the previous week as bulls in the space bet the largest oil importer will progress from an end to three years of COVID lockdowns. New York-traded West Texas Intermediate, or WTI, crude for March officially settled Monday’s trade up 72 cents, or 1%, at $74.11. WTI plunged 7.5% last week, hitting a three-week low of $73.11, on recession fears and the uncertainty about the direction for U.S. interest rates after huge employment gains among Americans in January again threatened to bump up inflation.