AAA Daily Fuel Gauge Report for Friday, 1/31/25

American Dollar to Canadian Dollar = 0.780393; American Dollar to Chinese Yuan = 0.156770; American Dollar to Euro = 1.178209; American Dollar to Japanese Yen = 0.009010; American Dollar to Mexican Peso = 0.050626.

Oil gained last week to rise above its 200-day moving average for the first time since May as concerns eased that efforts by the Organization of Petroleum Exporting Countries and its allies to curb output will be offset by rising production elsewhere. Police in Venezuela clashed with demonstrators after a vote Sunday to elect members of a new legislative body that President Nicolas Maduro insisted is needed to restore order after months of protests. “Depending on how the Trump administration decides to proceed going forward, of course that could have implications,” including potentially blocking imports of Venezuelan crude, said Harry Tchilinguirian, a commodities analyst at BNP Paribas SA in London. “It’s very unclear at this stage what course the U.S. administration will follow.” Click Read More below for additional details.

Oil prices eased on Thursday, dragged down by rising output, although strong demand and a drop in U.S. fuel inventories provided the market with some support. Prices were pulled down by another rise in U.S. oil production , which hit a weekly record of 10.9 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA) on Wednesday. U.S. crude output has risen by almost 30 percent in the last two years, and it is now close to top global producer Russia, which produced 11.1 million bpd overall in the first two weeks of June. Click Read More below for additional information.