9/19/23 Market Snapshot: Rising Oil Prices

Rising oil prices were in the news this past week, as the higher prices are now reflected in key economic releases. The August Consumer Price Index (CPI) came in higher than expected with a monthly increase of 0.6%. However, the core CPI, which excludes food and energy, was only up 0.3% for the month and was only slightly above analysts’ estimates. The price per barrel of West Texas Intermediate crude oil was up for the third week in a row and rose above $90 on Thursday amid continued supply pressures. According to AAA, the average price per gallon of gas in the U.S. is now at $3.87.