Oil prices were largely unchanged Friday, on course to end the week basically flat as traders attempt to balance out tentative hopes for the end of Shanghai’s COVID-19 lockdown with concerns over the global demand outlook. By 9:25 AM ET (1325 GMT), U.S. crude futures traded 0.1% higher at $109.92 a barrel, while the Brent contract rose 0.1% to $112.09 a barrel. Oil has surged over 40% this year as demand recovered from the impact of the pandemic and Russia’s assault on Ukraine roiled global markets.
Americans are spending more on gasoline, with U.S. household’s gas expenditure doubling over the last 12 months
Bob Iaccino, Path Trading Partners Co-Founder, Chief Market Strategist and the Stock Think Tank Co-Portfolio Manager, joins Yahoo Finance Live to discuss the projections for rising gas prices and how companies are absorbing energy costs.