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 steadied after three days of gains on Wednesday after industry data showed a surprise decline in U.S. crude inventories and tension over the disappearance of a prominent Saudi journalist stoked supply worries. “Numbers from the American Petroleum Institute surprised the market (on Tuesday), with U.S. crude oil inventories declining by 2.13 million barrels over the last week, compared to expectations of a stock build,” said ING commodities strategist Warren Patterson. A Reuters survey ahead of the API data had estimated crude stocks rose about 2.2 million barrels. U.S. gasoline stocks dropped by a larger-than-expected 3.4 million barrels, while distillate fuel stockpiles declined by a smaller-than-expected 246,000 barrels, the API data showed. Click read more below for additional detail.
Crude oil prices fell alongside shares and the US Dollar on Friday while gold prices edged up, rebounding from a two-week low. The news-wires chalked up the move to a disappointing US GDP report that showed the annualized growth rate slipped to 1.9 percent in the fourth quarter. This undershot forecasts calling for a print at 2.2 percent and marked a significant slowdown from the 3.5 percent recorded in the three months through September. In fact, the move started well before the data crossed the wires, although it does seem to have amplified momentum. click Read More below for more of the story