Crude prices soar, erasing losses from earlier in the week. Fears of an EU-driven ban on Russian crude continue to drive prices higher. Diplomats told Archyde.com that an embargo on Russian crude heading to the EU might be reached this month.
On the other hand, prices have been affected by a series of warnings that there might be a shortage of diesel soon. Also, this week’s news that the Organization of the Petroleum Exporting Countries (OPEC) once more failed to produce as its self-imposed production quota added to the bullish factors.
Prices of a barrel of Brent and Texas oil today, May 13: how much does it cost and how much is it quoted?
According to Oil Price Charts, a renowned website that has more than 150 oil indices and mixtures worldwide, this Friday at 1:51 pm ET, the price of Brent rose $3.74, or 3.48 percent, to settle at $111.19 a barrel. In the meantime, US West Texas Intermediate (WTI) crude rose $3.90 dollars, that is, 3.67%, trading at $110.03 a barrel.
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Over the past 30 days, WTI has gone from a low of $98.54 to a high of $110.36 as the market picks up on market developments that have led to a new high of volatility.
In the meantime, US gas prices continue to hit new highs every day, with a national average of $4,432 per gallon of regular grade gasoline, according to AAA on May 13.
States that register lower prices son: Georgia ($ 3,954), Kansas ($ 3,986), Oklahoma ($ 3,999), Arkansas ($ 4,013) and Mississippi ($ 4,018). Meanwhile, the states with the higher prices son California ($5,872), Hawaii ($5,310) and Nevada ($5,136).
