Oil prices continue the trend we’ve seen for several months. Prices don’t deviate much week to week, holding in the low- to mid- $60 range. Patrick DeHaan is the senior petroleum analyst with Gasbuddy.com.
“It’s really a balance of new Russian sanctions that President Trump announced in the last couple of weeks, with those sanctions potentially curbing the flow of oil out of Russia. On the other side of the seemingly same equation on oil production, OPEC met over the weekend and decided to again increase oil output for the month of December. Now, before we all start jumping up and down at how great that might be for pushing oil lower, the group also agreed that they were going to pause further increases that would have taken effect in January, February, and March of 2026.”
DeHaan said one thing that could move this oil price stalemate is a trade agreement between the U.S. and China. He says if trade increases because of a reduction in tariffs, that could push global oil demand up slightly on the potential that it could improve both the American and Chinese economies.
“But for now, you know, the seasonal downturn in gas prices is really being checked by some of the potential for sanctions. Overall, gas prices are largely pretty quiet across the country. The national average at about $2.99 a gallon this morning. It likely will perk back above the three-dollar mark.”