FUELSNews will resume publication on Tuesday, September 3. Happy Labor Day!
Oil prices are trading lower this morning after steady gains this week. There’s little news influencing global oil prices ahead of the holiday weekend, though in the US markets are closely watching Hurricane Dorian for demand-dampening impacts and any potential shift towards Gulf of Mexico oil production. Crude oil is currently trading at $56.46, down 25 cents from Thursday’s close.
Fuel prices are lower as well, with gasoline leading the way. Gasoline prices are currently trading at $1.6465, down 3.8 cents from yesterday’s close. Diesel prices are $1.8553, down 0.9 cents.
Over in the EU, the UK is growing more comfortable with a No-Deal Brexit. For years now, the UK has been working on exiting the European Union, and the looming deadline for striking a break-up deal is October 31. If a deal is not reached, European businesses will have no clarity on how trade, immigration, and other important cross-border policies are affected. The UK’s new Prime Minister, Boris Johnson, seems more willing than previous leaders to allow a No-Deal Brexit. If Brexit occurs without a transition deal, expect the economic repercussions to ripple to oil demand, causing lower oil prices.