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.
Saudi Arabia Energy Minister Khalid Al-Falih said “there are good chances” for a deal and he is hoping non-OPEC producers will cut production. Russia, the biggest supplier outside the bloc, had previously said it was only prepared to freeze supply at current near-record levels. Brent for January settlement, which expires Wednesday, gained as much as $4.07 to $50.45 a barrel on the London-based ICE Futures Europe exchange. It traded at $50.08 at 12:24 p.m. local time. The contract dropped $1.86 to $46.38 on Tuesday, the lowest close since Nov. 14. The global benchmark traded at a $1.30 premium to WTI for the same month. West Texas Intermediate for January delivery rose as much as $3.89 to $49.12 a barrel on the New York Mercantile Exchange. The contract dropped $1.85 to $45.23 on Tuesday, the lowest close since Nov. 14. click Read More below for more of the story
“It seems today’s spike is just a knee-jerk reaction to the missile strike,” said Thomas Pugh, a commodities economist at Capital Economics. “Syria produces little oil itself so the spike probably reflects the risk of increased tensions between the U.S. and Russia or Iran.” West Texas Intermediate for May delivery on the New York Mercantile Exchange rose as much as $1.24 to $52.94 a barrel, the highest level since March 7, and traded at $52.53 by 9:36 a.m. in London. Prices are up 3.9 percent this week, heading for a second weekly gain. Total volume traded was about 217 percent higher than the 100-day average. click Read More below for more of the story