Crude prices fell early on Thursday as concerns over a global glut took centre stage after Russia and Iran said they were ready to raise oil production further, while inventories in the United States climbed slightly. The International Energy Agency (IEA) said on Thursday that oil markets would likely take until 2017 to rebalance and that even that was provided there was no major economic slowdown. International Brent crude futures were trading at $45.36 per barrel at 0048 GMT, down 44 cents from their last settlement. U.S. West Texas Intermediate (WTI) crude futures were down 40 cents at $43.78 a barrel after the U.S. Energy Information Administration (EIA) said that crude stocks rose slightly, by 2.1 million barrels last week.
National Average Price for Regular Unleaded – Current: $2.654; Month Ago: $2.885; Year Ago: $2.562. National Average Price for Diesel – Current: $3.236; Month Ago: $3.298; Year Ago: $2.836.