Costco Limits Motor Oil Purchases As Prices Rise

According to CNBC, Costco has imposed purchase limits on some motor oil products and raised prices as crude oil markets tighten. The warehouse club set a limit of one transaction per membership, with a maximum of two units every seven days, on its Kirkland Signature full synthetic motor oil two-pack, which now costs $57.99, up from a typical range near $30. Sales of Mobil 1 motor oil on Costco's website are also capped at five per membership at $43.99 for a six-pack of 1-quart bottles. Brent crude traded above $109 per barrel Monday morning before closing at $105.68 a barrel, while West Texas Intermediate settled at $101.39 a barrel after trading above $104 earlier in the day. The article said the rise in oil prices has been driven by conflict in the Middle East, including Saudi Arabia's closure of its key East-West oil pipeline after drone attacks launched from Iraq damaged parts of it last week. It also said tighter oil supply has boosted refiners' profits on finished fuels such as diesel and gasoline, encouraging them to favor fuel production over base oil, a key ingredient in synthetic motor oil.