Futures in New York slid 2.3 percent. Declines in the equity market, a rising dollar and concern that Trump’s tariff threats will spark a trade war acted as a downward force on crude oil. And at the same time, the Energy Information Administration reported American crude inventories rose by 2.41 million barrels last week, while production jumped to a fresh record. The EIA report also showed gasoline supplies declined for the first time since January and distillate inventories fell for a fourth straight week. Stockpiles at the key U.S. storage hub in Cushing, Oklahoma tumbled for an 11th week to the lowest since 2014. Crude inventories rose by 2.41 million barrels, lower than expectations. Click Read More below for additional information.
National Average Price for Regular Unleaded Current: $4.274; Month Ago: $3.528; Year Ago: $2.884. National Average Price for Diesel Current: $5.066; Month Ago: $3.942; Year Ago: $3.104.