Oil prices have recently increased due to political unrest in Libya, yet the market remains stable amid broader geopolitical tensions in the Middle East.
Jim Burkhard of S&P Global notes the current oil prices are neither high nor low compared to historical averages, suggesting resilience despite global turmoil.
Gasoline prices in the U.S. are notably lower than last year, providing consumers with some relief as the price at the pump averages $3.31 per gallon.
The global oil market is well-supplied, with production increases from countries like Brazil, Canada, Guyana, and the U.S. mitigating OPEC's output cuts.
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