Oil prices dropping after record week
Oil reached the highest level in nearly a decade last week. However, the story this week is different.
Not only have oil prices dropped, but the stock market continues to trade lower, due to inflation and rising interest rate concerns.
Patrick De Haan with Gas Buddy says that it is not quite clear at this point what is pushing oil prices lower: “This may just be a temporary respite from the rise in price as of course geopolitical contentions continue to draw attention, including to the UAE over the weekend where several missiles were launched in the oil-producing nation. As well as, unrest still in Kazakhstan and Libya, and concerns mounting about a potential Russian invasion of Ukraine.”
De Haan says that diesel prices are at the highest level since 2014. Those prices could climb even higher with a monster storm headed up the east coast this weekend.