What's Going On with Oil Prices

West Texas Intermediate oil prices, the benchmark for the U.S., ended last week 31.8 percent higher, posting the largest one-week percentage rise on record. Despite that surge, crude is still down nearly 40 percent in the last month on the heels of demand destruction from the coronavirus outbreak, and the price war between Saudi Arabia and Russia.

If you still have a reason to drive, it's gotten a lot cheaper lately. Tennessee's average gasoline price currently sits at $1.77 a gallon. That's 45 cents less than one month ago and nearly 71 cents less than one year ago.

OPEC and its allies, including Russia, will convene this week in an attempt to forge a truce in the price war. Most observers argue that some sort of deal will most likely be reached, since it is in producers’ best interest to have higher oil prices.