Oil Nears $90 as Tight Refining Capacity Squeezes Diesel Prices

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Oil Nears $90 as Tight Refining Capacity Squeezes Diesel Prices
PrimeXBT Editorial Team
Reviewed by PrimeXBT

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Crude climbed further, pushing oil back toward the $90 level, while pump prices have yet to catch up. The report ties the move to a shortage of global refining capacity, warning that diesel prices could follow crude higher.

Oil rose $2.84, moving the market back toward the $90 level.

The AAA national average fuel price had not yet caught up with the move. If the crude gain holds, the price of diesel could jump about ten cents a gallon the next day.

The report attributes the squeeze to a shortage of global refining capacity for crude oil.

Source: Investing.com (Commodities Analysis & Opinion)

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