Oil prices are experiencing their fourth consecutive week of gains, driven by seasonal demand and record-breaking U.S. travel for the Fourth of July holiday.
Additionally, crude has faced supply issues related to geopolitical tensions in the Middle East and disruptions from hurricanes in the Caribbean.
West Texas Intermediate (WTI) light crude prices, as tracked by the U.S. Oil Fund (NYSE:USO), soared above $84 a barrel on Tuesday, setting the stage to close at their highest level since April 16.
Record Travel Expected For Independence Day Holiday
The American Automobile Association (AAA) projects 70.9 million travelers will journey 50 miles or more during Independence Day week, a 5% increase over 2023 and 8% over 2019.
"With summer vacations in full swing and the flexibility of remote work, more Americans are taking extended trips around Independence Day," said Paula Twidale, senior vice president of AAA Travel. "We anticipate this July 4 week will be the busiest ever, with an additional 5.7 million people traveling compared ...Full story available on Benzinga.com
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