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.
Oil prices pulled back on Thursday as the dollar strengthened, but crude remained near 10-month highs amid ongoing supply outages and falling U.S. inventories. Brent crude, the global oil benchmark, was down 1% at $51.97 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.9% at $50.78 a barrel. The Wall Street Journal Dollar Index, which tracks the greenback against a basket of other currencies, was up 0.2% on Thursday. As oil is priced in dollars, it becomes more expensive for holders of other currencies when the dollar appreciates. Investors are awaiting signals from the U.S. Federal Reserve that it may still go ahead and raise rates either in July or September, which could strengthen the dollar and act as a damper on commodities such as crude. Higher rates tend to push up the dollar, because it becomes more attractive to yield-seeking investors.
Oil prices rose on Friday after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019. Oil’s rise defied a slump in global stock markets, which fell in response to worries about a trade stand-off between the United States and China. Gold XAU=, seen as a safe haven, hit a two-week high. Brent crude futures LCOc1 were at $69.10 per barrel at 1136 GMT, up 19 cents but off a session high of $70. For the week, Brent was up about 4.4 percent, its strongest showing since October. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.57 a barrel, up 27 cents but below a session high of $65.42. On the week, WTI was up about 3.6 percent.