Inflation: Oil hits 2018 high in third week of gains – By Suzanne O’Halloran (FOX Business) / June 13 2021
The American Automobile Association national average for gas is $3.08 per gallon
Oil is continued its run higher clocking the third straight week of gains and adding to the inflation concerns building on Wall and Main Street.
West Texas Intermediate crude prices topped $70.91 on Friday, a weekly gain of 11.5% and the highest level since October 2018, as tracked by Dow Jones Market Data Group. For the year, crude is up over 46%.
“The commodity strength has been one of the stories of the recovery,” Baird Investment Strategy Analyst Ross Mayfield told FOX Business, adding the run is not over.
“I do think oil continues to head higher, continues to look strong on reopening demand so anything highly linked, highly correlated, with oil price, should be a winner” he noted.
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