Futures were little changed in New York after dropping 7.4 percent over the previous six sessions. Stockpiles probably slid by 1.95 million barrels last week, according to a Bloomberg survey before a report from the Energy Information Administration on Wednesday. Russian Energy Minister Alexander Novak will meet with the nation’s oil bosses this week to discuss extending an accord by global producers to cut output. West Texas Intermediate for June delivery was at $49.38 a barrel, up 15 cents, on the New York Mercantile Exchange at 12:20 p.m. London time. Total volume traded was about 22 percent below the 100-day average. The contract lost 39 cents, or 0.8 percent, to $49.23 on Monday, the lowest close since March 28. click Read More below for more of the story
National Average Price for Regular Unleaded – Current: $2.198; Month Ago: $2.201; Year Ago: $2.019.
National Average Price for Diesel – Current: $2.425; Month Ago: $2.415; Year Ago: $2.381.
Benchmark Brent for November was up $1 a barrel at $50.08 by 2.45pm GMT. Crude oil prices fell on Tuesday as traders took profit following a 3-4 percent upward swing in the previous session, with weak economic growth denting the demand outlook amid plentiful supplies. "China's economic slowdown continues, with factory output and investment growth both failing to hit targets", oil consultancy Energy Aspects said.
Underscoring the need for long-overdue freight rail reform, American Forest & Paper Association (AF&PA) President and CEO Donna Harman urged the United States Senate to quickly confirm the nominations of Patrick Fuchs and Michelle Schultz to the U.S. Surface Transportation Board. The Senate Committee on Commerce, Science and Transportation approved the nominations on Wednesday, April 25. “As one of the largest manufacturing sectors in the nation, the paper and wood products industry relies on the nation’s rails to move millions of tons of materials to production mills and final markets. Revoking the outdated commodity exemption policy and addressing harmful service failures and higher pricing will help ensure the accessibility of effective, streamlined and competitive rail service to our companies all rail customers. We thank the committee for its approval and urge the Senate to quickly confirm Mr. Fuchs and Ms. Schultz.”