West Texas Intermediate for September delivery slid as much as 69 cents to $42.08 a barrel on the New York Mercantile Exchange and was at $42.54 at 12:15 p.m. London time. The contract lost 25 cents to $42.77 on Tuesday. Total volume traded was about 10 percent below the 100-day average. Prices have almost erased the gain from Monday, when OPEC announced it would hold informal talks on the sidelines of a conference in Algiers next month. Brent for October settlement dropped as much as 69 cents, or 1.5 percent, to $44.29 a barrel on the London-based ICE Futures Europe exchange. The contract fell 0.9 percent to $44.98 on Tuesday. The global benchmark crude traded at a premium of $1.61 to WTI for October. U.S. gasoline stockpiles dropped by 3.95 million barrels last week, the API said Tuesday, according to a person familiar with the figures. The EIA report Wednesday is forecast to show inventories of the motor fuel decreased by 1.3 million barrels, according to the median estimate in a Bloomberg survey.
National Average Price for Regular – Current: $2.285; Month Ago: $2.302; Year Ago: $1.709.
National Average Price for Diesel – Current: $2.517; Month Ago: $2.520; Year Ago: $1.979.