Mexican Media Brands
Oil Prices Top $40 Per Barrel
Crude oil prices, which nosedived from $107 per barrel last June to less than $27 in January, are on the rise again.
#economics
Share
Crude oil prices, which nosedived from $107 per barrel last June to less than $27 in January, are on the rise again.
The price of Brent crude, the global standard, began the week at $40.84 per barrel. The U.S. benchmark, West Texas Intermediate, closed at $37.90 on Monday, up nearly 6%.
Traders have been expecting a mild increase in oil prices. But supplies of crude remain very high and are likely to hold prices at historic lows through much of 2016. The Organization of the Petroleum Exporting Countries has predicted prices won’t reach $70 per barrel until 2020.
In the meantime, analysts expect gasoline prices over the next several weeks to rise at least 35 cents per gallon in the U.S. as refiners make their routine switch from winter to summer blends.
RELATED CONTENT
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.