Closing price: $95.10 per barrel (down)
National gas average: $3.10 (up)
Oil down since last week, the first time in a while, but don’t expect $60 or $70 or even $80 anytime soon. Our prediction still stands: $100 oil soon.
1. Dollar rising\weak dollar (again)
The dollar is still on life support, but it’s doing better. A lower dollar makes oil cheaper in countries that use other currencies.
2. Nigerian output disruptions
3. More oil than expected
Government data showed a surprise 2.8 million build in crude inventories last week
Gas prices still slowly rising, along with heating oil prices.