Crude Oil Could Push Higher in Coming Weeks

Oil prices are holding relatively steady amid reports that Saudi Arabia would be okay with $80 a barrel in the coming weeks. It's a sign OPEC may not be rushing to boost production at a time when the global crude stock is falling.

“The Energy Information Administration’s weekly petroleum report showed that crude stocks fell last week, so we’re going to have to see what happens there,” says Joshua Zuber, spokesman for AAA Texas. “If we continue to see those supplies fall, crude oil prices could go up a little higher.”

But there are several other factors at play as well.

“Venezuela’s economy is tending right now to be on the downward slope, plus Iranian oil supplies being taken out of the equation with U.S.-imposed sanctions,” says Zuber.

Prices typically start to drop this time of year.

“Going through fall we tend to see those prices decrease with the winter blend gasoline getting into the equation and demand tapering off.”

Houston drivers a currently paying about $2.56 a gallon, down a penny from last week, but still 11 cents higher than last year.

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