rising above $115 for the first time since 2008. WTI rose 7.4% Friday and was up 26% for the week, to settle at $115.68. Russia's battle for control of Europe's largest nuclear power plant early Friday spooked investors.economists are already raising their inflation forecasts
Rising oil prices can be a worry since they can generate one of the biggest hits to inflation and do so quickly. The jump in oil has already been hitting U.S. consumers at the pump. Gasoline prices were $3.83 per gallon of unleaded Friday, up 11 cents in just a day and 26 cents in a week, according to"The national average could get to $4 a gallon next week," said John Kilduff, partner with Again Capital.
The U.S. and its allies did not sanction Russian energy, but the sanctions did inhibit buyers, banks and shippers who fear running afoul of sanctions on the Russian financial system.
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Source: Forbes - 🏆 394. / 53 Read more »