Futures slipped 0.3 percent in New York, erasing an earlier gain of 1.6 percent. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from Qatar, escalating a crisis that started over its relationship with Iran. The nation still has access to shipping routes to deliver oil and gas to buyers around the world. While the diplomatic spat hasn’t affected shipments, any further escalation could raise the prospect of supply disruptions from the Middle East, including Organization of Petroleum Exporting Countries members Saudi Arabia, Iran and Qatar. The nations all use the Strait of Hormuz, through which the U.S. Department of Energy estimates about 30 percent of seaborne oil trade passes. Crude had slipped below $50 a barrel amid concern that an extension of OPEC’s cuts won’t be enough to shrink global inventories as U.S. output expands. Click Read More below for more of the story.
National Average Price for Regular Unleaded – Current: $2.436; Month Ago: $2.735; Year Ago: $2.474. National Average Price for Diesel – Current: $3.123; Month Ago: $3.263; Year Ago: $2.839.