The price of oil continued to rise sharply on Wednesday, adding more pressure already elevated gasoline prices that are squeezing many U.S. households and businesses.
The price of Brent, the international benchmark, rose by nearly one percent to $88.27 a barrel, the highest price since 2014. West Texas Intermediate crude, which is the price of domestically produced oil, rose 1.44 percent to 86.66 a barrel.
Gasoline prices rose a penny last week, driven primarily by the cost of crude oil, according to AAA.
“In the past few weeks, we have seen the price for a barrel of oil slowly work its way from the mid-$60s to the low $80s,” said Andrew Gross, AAA spokesperson. “And the primary reason is global economic optimism, whether well-founded or not, that the worst of COVID may soon be behind us.”
The market seems to be responding to indications that omicron-variant Covid-19 infectio …
Oil Soars to 8‑Year High
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