AAA Daily Fuel Gauge Report for Friday, 4/30/21

American Dollar to Canadian Dollar = 0.786493; American Dollar to Chinese Yuan = 0.154255; American Dollar to Euro = 1.215815; American Dollar to Japanese Yen = 0.009635; American Dollar to Mexican Peso = 0.050162.

Traders remained concerned rising output would slow the rebalancing in oil markets as the production-cut agreement has helped rid the market of excess crude supplies. Inventories of U.S. crude fell by 4.143 million barrels for the week ended June 8, well above expectations for a draw of 1.440 million barrels, according to data from the Energy Information Administration. Click Read More below for additional information.

Futures slid as much as 1.2 percent in New York after losing 2 percent Tuesday, the first drop in seven sessions. Inventories rose by 1.78 million barrels last week, the American Petroleum Institute was said to report. A Bloomberg survey showed nationwide stockpiles fell for a fifth week. OPEC output climbed in July as Libya boosted supply, according to a Bloomberg survey of analysts, oil companies and ship-tracking data. “Prices are under pressure as the recent gains are seen as unsustainable,” said Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt. “The API is contributing to the overall situation, and should the DOE data confirm the trend, it’s likely to weigh on prices,” he said, referring to the U.S. Department of Energy figures due for release on Wednesday. Click Read More below for additional details.