Prices for fuel oil surged in October amid a shortage both nationally and globally of diesel fuel, exacerbating a cost-of-living crisis for millions of Americans.
BMO Capital Markets Chief Investment Strategist Brian Belski thinks the market can still rally if the decreasing inflation 'trend' continues.for consumers who are already facing one of the biggest spikes in energy bills in decades.
The Labor Department reported Thursday that prices for fuel oil surged 20% last month after declining 2.7% in September. That is markedly higher than the nationwide average increase of 7.7%. Government data released last month showed the country had just 25 days of diesel supply remaining, with stockpiles at their lowest level for records dating to 1993.
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