Have you noticed prices at the gas pump creeping up ever so
slightly again? It's a byproduct of the recent rally in oil
After remaining below $90 a barrel from late October to late
December, crude oil prices touched $93 a barrel earlier this
morning - their highest level since mid-September. The price of
oil has risen close to 9% in less than a month.
Meanwhile, U.S. gas prices are up an average of 5 cents in the
last two weeks.
That said, both oil and gas prices are still down compared to
where they were a year ago. Last January, oil remained above $100
a barrel for almost the entire month.
As oil prices have rallied in recent weeks, so too have oil
shares have climbed 2.8% in the last five trading sessions.
are up 2.9% over the same time span.
If you believe some analysts, however, oil's mini-rally may be
coming to an end. According to some
, U.S. crude stockpiles will rise as demand for fuel wanes in the
coming months. And even with the
and the presidential election in the rearview mirror, uncertainty
over the debt ceiling and the lingering sovereign debt issues in
Europe should keep oil prices in check, experts say.
So we might not be headed back above $100 a barrel just
That's disappointing news for oil investors…but likely a
relief to everyone else.