AAA Daily Fuel Gauge Report for Friday, 2/16/24

American Dollar to Canadian Dollar = 0.715130; American Dollar to Chinese Yuan = 0.137998; American Dollar to Euro = 1.041012; American Dollar to Japanese Yen = 0.006472; American Dollar to Mexican Peso = 0.048948.

Oil is losing steam after rising more than 5 percent last month as Trump repeatedly raises the stakes against China, rattling markets. Along with other risky assets, oil took a blow on concern the escalating tension will threaten growth that drives energy demand amid record U.S. output. That could hinder the efforts of the Organization of Petroleum Exporting Countries and its allies to curb a global glut and prop up prices. “The market is currently concerned for the escalating China-U.S. trade war tensions,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “And with good reason, since this will be bad for global growth and oil demand growth further down the road.” Click Read More below for additional information.

FedEx Corp. is announcing today at its DRIVE Investor Event that it will consolidate its operating companies into one organization, creating efficiencies that will enhance the company's ability to meet the evolving needs of customers and ultimately build a stronger, more profitable enterprise. This phased transition, with full implementation expected in June 2024, will ultimately bring FedEx Express, FedEx Ground, FedEx Services, and other FedEx operating companies into Federal Express Corporation, becoming a single company operating a unified, fully integrated air-ground network under the respected FedEx brand. FedEx Freight will continue to provide less-than-truckload freight transportation services as a stand-alone company under Federal Express Corporation. Raj Subramaniam will serve as President and CEO of the combined organization.