Oil futures kicked off the second half of the year with some losses on Monday, amid concerns global oil producers could bump up production more than investors expect.
Crude contracts pared bigger losses earlier stemming from a weekend tweet from President Donald Trump who hinted of a big potential production increase from Saudi Arabia.
Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference...Prices to high! He has agreed!— Donald J. Trump (@realDonaldTrump) June 30, 2018
This comes at a time in which many Americans travel for the 4th of July holiday.
Are you traveling this holiday? What is your perception of the current prices at the pump? Let us know in the comments.