Crude oil prices started the week with gains following the U.S. Federal Reserve chairman’s speech last Friday, which revived hopes for more rate cuts later this year as well as Ukrainian attacks on Russian energy infrastructure. At the time of writing, Brent crude was trading at $67.85 and West Texas Intermediate was trading at $63.79 per barrel
Total U.S. energy consumption is projected to rise in 2025 and 2026 in the U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO), which was released on August 12.
Curious Minds Corner
What does the word “petroleum” literally mean in Latin?