Commodities Buzz: WTI Crude Hits Fresh Seven Year High Above $91 Per Barrel

4 Feb 2022 , 02:58 PM

Crude oil futures spiked impressively amid sustained drop in Covid-19 cases in the US and Europe and a heavy drop in the US dollar index. The retail fuel prices remain very firm in the US, highlighting the strength in the oil market. EIA noted yesterday that the US average regular gasoline retail price increased nearly 5 cents to $3.37 per gallon on January 31, 96 cents higher than a year ago. The East Coast and Midwest prices each increased more than 6 cents to $3.31 per gallon and $3.19 per gallon, respectively, the Gulf Coast price increased 2 cents to $3.03 per gallon, and the Rocky Mountain price increased less than 1 cent, remaining virtually unchanged at $3.33 per gallon. The West Coast price remained unchanged at $4.16 per gallon. The U.S. average diesel fuel price increased nearly 7 cents to $3.85 per gallon on January 31, $1.11 higher than a year ago. The WTI Crude oil futures are up 1.30% on the day at $91.45 per barrel.

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