Oil prices are finally falling. Thank China and Joe Biden

Posted on AllSides November 18th, 2021
From The Left
Source: Refinitiv Graphic: Julia Horowitz, CNN
ANALYSIS

The price of oil has shot up this fall, boosting profits for major producers but hurting the wallets of drivers who need to fill up their tanks. Just a few days back, gas prices in California hit their highest level ever. This week, however, some of the pressure has started to lift.

What's happening: West Texas Intermediate futures, the US benchmark for oil prices, and Brent futures, the global benchmark, are now trading at their lowest levels in six weeks on signals that supply constraints could begin to ease soon.

In the United...

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