National Average Price for Regular Unleaded – Current: $2.152; Month Ago: $2.238; Year Ago: $2.130.
National Average Price for Diesel – Current: $2.391; Month Ago: $2.419; Year Ago: $2.463.
Oil declined for a fourth day on concern recent gains were unsustainable, while shuttered Canadian operations started to reopen. Futures fell as much as 1.8 percent in New York after rising 6.9 percent in May as supply was curbed by wildfires in Alberta and militant attacks in Nigeria. Canadian oil-sands producers including Suncor Energy Inc. have begun resuming operations as cooler weather helps keep the blazes at bay. West Texas Intermediate for July delivery fell as much 87 cents to $48.23 a barrel on the New York Mercantile Exchange and was at $48.43 as of 12:14 p.m. London time. The contract dropped 23 cents to close at $49.10 on Tuesday. Total volume traded Wednesday was 15 percent below the 100-day average. Brent for August settlement declined as much as 2.1 percent to $48.86 a barrel on the London-based ICE Futures Europe exchange. The July contract expired Tuesday after slipping 7 cents to $49.69. The global benchmark crude traded at a 34-cent premium to WTI for August.
While U.S. crude inventories dropped to the lowest since October, gasoline stockpiles last week expanded for the first time since early June, indicating that consumption boosted by the summer driving season may be waning. OPEC’s rate of compliance with production cuts slipped last month to 75 percent, the lowest since the accord started in January, the IEA said. OPEC reported Thursday its output is increasing on more supplies from Libya, which is exempt from the deal. “Concerns about the persisting supply glut resurfaced after petro-nations reported growing oil output,” said Norbert Ruecker, head of commodities research at Julius Baer Group Ltd. in Zurich. “We maintain a neutral view and see oil prices trading sideways as growing shale output and stagnant western-world oil demand undermine the Middle East’s supply deal.” Click Read More below for more of the story.