US oil prices rise for second consecutive month

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US oil prices rose sharply on Tuesday, rising above $81 a barrel for the first time in two months.

Crude oil closed at $81.22 a barrel, up nearly 4% on the day. It’s the highest level for oil since Nov. 11.

The latest gains undo much of the relief experienced in energy markets in recent weeks.

Pump prices also halted their recent pullback. The national average is $3.30 a gallon, a penny more than a week ago, according to the American Automobile Association (AAA).

Government analysts revised their gas price forecast upward on Tuesday.

The US Energy Information Administration now projects that gasoline prices will average $3.06 per gallon in 2022. This is higher than the EIA’s early December forecast of $2.88 per gallon.

Oil prices began to fall in early November on rumors that the White House would step in to cool energy markets. President Joe Biden announced the major release of barrels from the Strategic Petroleum Reserve on November 23.

Crude oil continued to fall on fears over the Omicron variant, falling to $65.75 a barrel on Dec. But oil closed on Tuesday about 24% above recent lows.

This content was originally created in English.

original version

Reference: CNN Brasil

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