Oil Prices Are Calm, For Now

International oil prices remained relatively calm over the past few days according to an article from The Wall Street Journal. However, the article points out that prices may change in the next few days as more and more information is gained about a number of geopolitical situations. According to the article:

Supply continued to meet demand, but the status quo could still be shaken by developments in Iraq, Ukraine, Libya or elsewhere, said analysts.

Andrey Kryuchenkov of VTB Capital said that “ongoing uncertainty over fresh sanctions against Russia and tensions over the crisis in Ukraine [is] maintaining a small risk premium in Brent prices.”

“We don’t expect sustained gains unless reports emerge of actual supply-side disruptions,” he said. “The market is comfortably supplied with seasonal demand in Europe still slackening despite a slight improvement to refinery margins since earlier this month.”

Consumers should continue to monitor these developments in order to better determine if the price they pay at the pump will change. As the international oil market has a direct impact on the price of gasoline in the United States, a supply shock could make filling the tank more expensive. Consumers’ Research will regularly monitor gasoline prices in order to provide information to consumers when necessary.

Read More- “Oil Prices Calm Ahead of Geopolitical Developments” (Cassie Werber, The Wall Street Journal)

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A rising senior at Colgate University, John is currently working as a research fellow with Consumers' Research.

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