Energy

It could be a hot summer ahead for oil prices

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Oil prices could temporarily spike to $80 per barrel or more this summer as demand comes roaring back.

The reopening economy has already sent crude up about 40% since the start of the year, but a surge in driving by Americans, as well as an increase in goods transportation and air travel, could pressure prices further.

For consumers, that means the typical early summer peak in gasoline prices could come later in the season. Unleaded gasoline was $3.04 per gallon on average Wednesday, about a penny higher than last week but more than 50% higher than a year ago, according to AAA.

Brent futures, the international crude benchmark, settled up 1.6% at $71.48 per barrel Wednesday, the highest…



Source cnbc.com

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