Oil advanced for a fourth day in New York, its longest run of gains in a month, on estimates that U.S. crude inventories continued their decline from record levels seen earlier this year. Futures added as much as 1.2 percent after rising 2 percent in the previous three sessions. Inventories probably dropped by 2.25 million barrels last week, a Bloomberg survey shows before an Energy Information Administration report Wednesday. As crude stockpiles have declined from their March peak, U.S. output has kept rising and shale producers in the Permian basin will be able to make money even if the price falls to the mid-$20s, according to Scott Sheffield, chairman of Pioneer Natural Resources Co. Click Read More below for additional detail.
National Average Price for Regular – Current: $2.481; Month Ago: $2.656; Year Ago: $2.253.
National Average Price for Diesel – Current: $2.726; Month Ago: $2.717; Year Ago: $2.412.