Crude oil costs peaked Friday in response to the Organization of Petroleum Exporting Countries deciding to cut back production by 1.2 million barrels each day in 2019. But cost of a crude oil barrel dropped back down more than $3 per barrel Monday, with pump prices following close behind.
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“Prices have not seen a sizable rally from OPEC’s decision, because OPEC’s production cut was lower than many, including myself, expected,” said Gasbuddy.com analyst Patrick DeHaan.
But prices could rise again soon, as crude oil increased $1.21 per barrel this morning. Improving relations with China serving as a potential signal of economic growth could also cause gas prices to rise, DeHaan said.
“If there’s a wide deal and complete thaw of trade tensions, oil could rise $5 or more per barrel,” he said.
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