Gasoline futures in the US have climbed past $2.03 a gallon, approaching last October’s peak prices. This surge is largely attributed to increasing oil costs and a consistent reduction in US crude reserves.
President Xi’s Speech Spurs Oil Market Hope
Adding to the upward trend, optimism around China’s economic prospects is growing, particularly after President Xi Jinping’s optimistic New Year speech and the country’s ongoing expansion in manufacturing. This has led to expectations of a rise in oil demand.
However, despite these factors, the latest figures from the Energy Information Administration indicate a significant rise in gasoline reserves, with an unexpected increase of 7.7 million barrels.