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Crude oil prices hit highest price point in 9 months

Pump prices increased on the week despite U.S. gasoline demand falling below 8 million barrels per day, the lowest weekly reading since June and the softest demand reading for the week of Thanksgiving since 1997.

At $2.16, the national gas price average is more expensive on the week (+4 cents) and the month (+5 cents), but cheaper (-42 cents) compared to last year at this time.

“Gas prices were predicted to decrease following the holiday, but robust gains in crude oil prices and the OPEC decision to increase production next year led to a number of states seeing pump price jumps of 3 to 12 cents,” said Holly Dalby, AAA spokesperson. “Virginia saw a two-cent increase, but even so, prices remain 22 cents lower than last year this time in the commonwealth.”

Last week, crude oil prices (WTI) reached a high of $46/barrel, a price point not seen in nine months—since early March. However, it is possible that prices have capped and will decrease as coronavirus cases rise, which will l...

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