The national average at the pump sat at $3.35 per gallon on Monday, up $0.09 from a week ago, but still $0.05 lower from exactly one year ago, according to AAA data.
Crude Oil (BZ=F, CL=F) has hit $80 a barrel for the first time since November, with February marking the second consecutive month of gains for oil prices. The higher prices come as reports suggest OPEC may extend production cuts. PIMCO Portfolio Manager Greg Sharenow joins Yahoo Finance to discuss OPEC's tightening of the market against a backdrop of Middle East tension. Domestic concerns such as the election of Donald Trump may also impact the broader oil market, Sharenow adds: "I think it's less impact on US markets and more geopolitical consideration. If Trump is elected, then stepping away from support for Ukraine...Over the course of the last few months, Ukraine has successfully attacked several Russian energy assets. Would they ultimately end up doing more?... Similarly, I would expect more aggressive sanctioning policy and more pressure applied to Iran." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino
Oil continued to rise on tight supply after two straight months of gains.