Costco Slams Brakes on Motor Oil Sales Amid Crude Price Surge

Costco has imposed limits on motor oil purchases and raised prices in response to rising crude oil costs. The wholesale retailer, known for its bulk sales and bargain prices, is now limiting customers to one transaction per membership with a maximum of two units every seven days. A two-pack of 5-quart bottles of Kirkland Signature full synthetic motor oil will cost $57.99, significantly higher than the typical price range near $30.

The limits apply to both Costco's house brand and Mobil 1 motor oil. The prices for these products have also increased, with a 6-pack of 1-quart bottles of Mobil 1 now priced at $43.99. This move reflects the hot market for crude oil-based products, driven by Brent crude trading above $109 per barrel on Monday morning.

The global oil benchmark has seen significant gains in recent weeks, with Brent crude rising 9% to hit highs not seen since May. West Texas Intermediate futures have also increased, trading above $104 per barrel before settling at $105.68 a barrel and $101.39 a barrel, respectively.