Crude prices started the week on an upbeat note on Monday, boosted by expectations that oil producing countries will agree to extend an output cut at their meeting at the end of this month. Under the original terms of the deal, OPEC and 10 other non-OPEC countries led by Russia agreed to cut production by 1.8 million barrels a day (bpd) for six months. The agreement was extended in May of this year for a period of nine more months until March 2018 in a bid to reduce global oil inventories and support oil prices. Prices received another boost as a sizable weekly drop in active U.S. oil rigs to the lowest level since May fed expectations for a slowdown in domestic crude output growth. Click Read More below for additional information.
National Average Price for Regular Unleaded Current: $2.663 Month Ago: $2.573 Year Ago: $2.914. National Average Price for Diesel Current: $3.009 Month Ago: $2.928 Year Ago: $3.256.
The last-minute Christmas shopper is a species whose number just can't be reduced, no matter how hard retailers try. “Many retailers started their holiday promotions in October or earlier to get the attention of shoppers and avoid...shipping issues,” says Scot Wingo, executive chairman of ChannelAdvisor, a software supplier to third-party sellers online. The shipping issues Wingo refers to were manifested last Friday when online marketplace Jet.com announced it would be unable to guarantee delivery by Christmas for items purchased that day. “This year's holiday gift rush has led to nationwide shipping delays that have affected many of our fulfillment partners,” said a message to customers on the Jet.com site. And it's not been bad weather causing delays as it did in 2013; it's consumers' growing preference to do their holiday shopping online.
National Average Price for Regular Unleaded – Current: $2.288; Month Ago: $2.286; Year Ago: $1.828. National Average Price for Diesel – Current: $2.517; Month Ago: $2.467; Year Ago: $2.075.