Higher oil prices threaten to derail the recovery and increase inflation
The White House is saying:
- Biden administration is closely monitoring OPEC+ negotiations
- Has had a number of high level conversations with OPEC members like Saudi Arabia and others
- US is encouraged by ongoing OPEC talks
Runaway will prices could threaten the global recovery and increase inflation at the same time.
Crude oil prices are currently trading at $73.49. The high price reached the $76.98. That was the highest level going back to 2014 after taking out the 2018 high of $76.88. The low price has extended to $72.94 today.
