The agreement between the USA and China provoked a jump in gasoline prices

Gasoline prices in the United States rose above the $2.10 per gallon mark, which was their highest since early April. This price increase is directly related to the rise in price of crude oil. The main catalyst for this rally was optimism caused by the decision of the United States and China to temporarily end the trade war for 90 days. 

As part of the agreement, the parties agreed to significantly reduce tariffs, which reduced concerns about a slowdown in the global economy and a possible drop in energy demand.

Traditionally, the cost of gasoline increases in the spring, as the activity of travelers increases during this period. However, in the current environment, there are signs that ongoing trade disagreements are already having a negative impact on demand, especially ahead of the Memorial Day holiday. This point of view is confirmed by data on gasoline stocks in the United States, which increased by 188 thousand barrels last week.