A rally in U.S. stocks gained momentum Thursday, placing markets on track to snap a 7-week losing streak.
Brent crude futures for July dipped 9 cents to $117.31 a barrel at 0247 GMT after rising to as high as $118.17 earlier in the session. U.S. West Texas Intermediate (WTI) crude futures were down 18 cents, or 0.2%, at $113.91 a barrel. "Ahead of peak U.S. driving season, refined products remain in alarmingly short supply in the West, which should keep a high floor on oil prices through the summer."
While the price of gasoline frequently steals all the headlines, the price of diesel is actually more important when it comes to the cost of living and the economy.