Oil prices are moving higher in trade due to the interest rate cut

Fuel bills have been lower recently, but oil saw some upward moves since the Fed cut interest rates last week. Officials with GasBuddy say several factors are at play, but they do not expect prices to continue their climb.

“So a lot of different wild cards. I don’t think oil prices are going to retest the sub-$70 barrel mark. We can head somewhere into the mid $70s for now, but that shouldn’t impact gasoline prices much simply because gasoline demand last week was rather sluggish, with GasBuddy data showing that U.S. gasoline demand last week fell by over two percent,” said Patrick DeHaan with Gasbuddy.com.

Right now, AAA has diesel at $3.58 per gallon, which is nearly $1 less compared to last year at this time. The nationwide average for gasoline is holding around $3.22 per gallon.

Related Stories
March cold storage data showed generally tighter year-over-year stock levels across several key meat and dairy categories.
Spring Weather Splits Conditions Across American Farm Country
NAAA’s Andrew Moore joins us to discuss the role of ag aircraft in crop protection and emerging concerns surrounding stolen agricultural drones.
Dr. Peter Beetham with Cibus joins us to discuss the Supreme Court review of a case about glyphosate use, its potential impact on Bayer and Roundup, farmers who use the products, and the ag industry as a whole.
Meredith Petersen joined us to discuss the National Swine Health Strategy, how it was developed through industry collaboration, potential challenges ahead, and its expected benefits for pork producers.
K-State researchers advise producers to take action, highlighting that prevention is essential for controlling tick populations as cases spread West.

LATEST STORIES BY THIS AUTHOR:

Fewer DEF-related shutdowns could mean more uptime during planting and harvest seasons.
New Nebraska wildfires near containment, but damages still mount for ranchers across the region.
Widespread drought and extreme weather leave producers managing limited resources
Jose de Jesus explains the National Pork Board’s new campaign, “Taste What Pork Can Do,” which aims to build long-term engagement with Millennial and Gen-Z consumers.