National Average Price for Regular Unleaded Current: $2.176; Month Ago: $2.182; Year Ago: $2.655. National Average Price for Diesel Current: $2.382; Month Ago: $2.409; Year Ago: $2.999.

The oil prices were bullish in the market as geopolitical tensions in the Middle East dies down. The commodity’s prices managed to hit another milestone despite the astonishing performance of the dollar in the market. The commodity continues to push great performance in the market on multiple factors. The great oil inventories reports and the OPEC agreement to extend the output cut have managed to put the prices on its best figures ones again. Click Read More below for additional information.

The war of words over trade between the United States and China finally turned into an actual trade war Friday, after the administration of President Donald Trump announced a list of goods whose import from China, worth $50 billion in 2017, would be subject to an additional tariff of 25 percent. Among the retaliatory measures announced by the Asian country was the proposed imposition of tariffs on imports of petroleum products from the U.S., a move that sent domestic crude oil prices crashing. The fall in WTI crude is not in tandem with the global benchmark, Brent crude, which was trading about 0.7 percent higher Monday morning than a day before. The two prices are separated by a few dollars, Brent usually costing more, but that gap has increased in recent weeks for a number of reasons. However, the different directions in trade at present are caused largely by China’s announcement. Click Read More below for additional information.