Brent Fell Below $90. Did That Cut a Gasoline Bill?

Brent crude fell below $90 a barrel on Tuesday morning, Nov. 10, and no pump-price change was established. CNBC said it was the first move under $90 since August. The quote is a futures price for oil, not the price of gasoline or diesel at a U.S. station.

It extends Monday’s drop. CNBC reported that Brent settled Monday at $92.57 a barrel and U.S. West Texas Intermediate at $86.85. Tuesday’s slip under $90 was a morning reading, not a completed settlement. CNBC linked the further decline to President Trump’s comment that the war with Iran could end fairly soon, and to his playing down of further strikes.

A lower oil contract can reduce refiners’ costs and, later, retail fuel if wholesale and station prices follow. That pass-through was not shown on Tuesday morning. A comment about talks ending is also not proof that disrupted supply has been restored.

Did Brent’s fall below $90 cut the gasoline price you pay? No pump-price change was established. The new fact is a Tuesday morning futures quote under $90, after Monday’s $92.57 Brent settlement.