AAA Daily Fuel Gauge Report for Friday, 1/7/22

National Average Price for Regular Unleaded Current: $3.582; Month Ago: $3.366; Year Ago: $3.528. National Average Price for Diesel Current: $4.045; Month Ago: $4.055; Year Ago: $4.211.

Futures dropped as much as 1.2 percent in London, extending Monday’s decline. Uncertainty over the outcome of Thursday’s meeting is creating the risk of a slide in prices, which have gained on assumptions that the curbs will be prolonged for nine months, according to Goldman Sachs Group Inc. OPEC backs such an extension but is still waiting for commitments from Russia, according to people familiar with the matter. Crude surged earlier this month on signs the Organization of Petroleum Exporting Countries and its partners will prolong cuts aimed at shrinking a global glut. Prices, time spreads and hedge-fund positioning all reflect a high probability the group will follow a Saudi proposal to extend the pact to the end of 2018, Goldman said. Yet Saudi Energy Minister Khalid Al-Falih said Tuesday that it’s too early to talk about the duration. Click Read More below for additional information.

Oil prices were set on Friday to post their first weekly decline in three weeks following a sell-off in global stock markets after news of planned U.S. tariffs on steel and aluminium raised fears of a trade war. U.S. crude is on track for a 4.5 percent drop this week, its first weekly decline in three, having given up much of the gains in recent weeks when sentiment was boosted by a fall in inventories at the Cushing delivery point for WTI. Click Read More below for additional information.