National Average Price for Regular Unleaded
Month Ago: $2.289
Year Ago: $2.058
National Average Price for Diesel
Month Ago: $2.518
Year Ago: $2.104
read more/source: http://fuelgaugereport.aaa.com/
Oil traded near the highest level in more than two years as political upheaval in top crude exporter Saudi Arabia reverberated through a market where prices were already elevated by signs of tightening supply. Investors have piled into oil as a shake-up of the ruling elite in OPEC’s biggest producer was seen to consolidate power with Crown Prince Mohammed bin Salman, who backs extending the group’s output cuts aimed at clearing a global glut. The purge also raised concern over instability in the kingdom, supporting a geopolitical-risk premium on crude that’s emerged with heightened tensions surrounding nations such as Iraq and Iran. Oil’s gained more than 20 percent since the beginning of September on signs global supplies are tightening and the Organization of Petroleum Exporting Countries and its allies may prolong their output deal past March. Click Read More below for additional information.
Oil has rebounded after falling to the lowest in more than 12 years amid signs that a global glut will ease as U.S. output declines. Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, said it will agree to a freeze only if it’s joined by other suppliers including Iran, while Kuwait said a deal can be done without Tehran’s support. West Texas Intermediate for May delivery fell as much as 47 cents to $39.25 a barrel on the New York Mercantile Exchange and was at $39.57 as of 10:52 a.m. London time, erasing an earlier gain of 1.9 percent. Brent for June settlement lost as much as 53 cents, or 1.3 percent, to $41.41 a barrel on the London-based ICE Futures Europe exchange. Prices increased 8.5 percent last week. The global benchmark crude was at a 98-cent premium to WTI for June.