Oil prices edged up on Tuesday, following a 5 percent drop in the previous session, as high global production and a weakening economic outlook in Asia prompted analysts to warn of further falls. Oil output by the Organization of the Petroleum Exporting Countries (OPEC) reached the highest monthly level in recent history in July, and production could rise further if Iran achieves a plan to raise output by 500,000 barrels per day (bpd) as soon as sanctions are lifted. With U.S. production also near records and China's economy showing further signs of slowing, prices on Monday were pulled down close to the six-year lows touched at the start of 2015 and Brent fell below $50 per barrel for the first time since January. It has spent over 90 percent of the past decade above the $50 mark. Although prices rose on Tuesday, with Brent 35 cents higher at $49.87 a barrel by 0647 GMT and U.S. crude up 47 cents at $45.64 a barrel, analysts said more falls were expected.
National Average Price for Regular Unleaded – Current: $2.907; Month Ago: $2.839; Year Ago: $2.478. National Average Price for Diesel – Current: $3.297; Month Ago: $3.179; Year Ago: $2.726