Crude oil futures settle at $68.47
Closes up $1.95 or 2.93% on the day
The price of crude oil moved higher today and is closing at $68.47. The close is the highest on a continuous chart, since December 2014. Inventories fell today (a 650K build was expected, and there was at -1071K drawdown). Gas and distillates also saw inventories fall.
The high price reached $68.55. The low extended to $66.56.
Higher oil will impact inflation. It can be a bad inflation as it hits the pocket book of the consumers – and especially the lower to middle class who don’t have a lot of choice.
With the Fed’s Beige book talking about higher building costs, the worry from businesses about the impact of tariffs, and oil prices at highest levels since 2014, more inflation is on the way.

Other influences was that Saudi Arabia favours oil at $80 and even $100.
Leave a Reply
Want to join the discussion?Feel free to contribute!