Oil Breaks Above $56 Boosting Energy Stocks

Oil peaked above $56 for the first time in 2015 on Wednesday.
It’s the fifth straight day the price for a barrel of oil has nudged up. Investors are cheering and buying energy stocks while American drivers are cringing at the prospect of higher costs at the pump.

Consumers have loved low gas prices this year. The average gallon of gas costs a mere $2.39. That’s way below the average a year ago, $3.63, according to AAA, although it’s off the rock bottom levels of $2 a gallon that many Americans saw around the New Year.

via CNN

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza