Yesterday brought another round of buying, pushing crude oil to close above $61/bbl. Today, prices are fading slightly, with markets slowing heading into a holiday week. Crude oil prices are currently $60.79, down 39 cents.

Unlike crude, fuel prices are slightly higher this morning. Diesel prices are trading at $2.0392, up roughly a penny from yesterday’s closing price and well above the $2/gal threshold now. Gasoline prices ae $1.7219, up 1.5 cents.

Markets surged yesterday following Congress passing the USMCA, a trade agreement between the US, Mexico and Canada to replace NAFTA. While markets had broadly expected the deal, its passage helps confirm expectations and provides business confidence for the future.

Combined with the recent US-China trade deal, markets are beginning to think it could be a bullish New Year. Even with the recent progress, though, economists are estimating the cost of the trade war to be $134 billion in 2019, and more than double that in 2020 even with the recent phase-one trade deal. Reuters polls now forecast that major economies will avoid a recession in 2020 but may still experience slow growth.