National Average Price for Regular Unleaded – Current: $2.872; Month Ago: $2.761; Year Ago: $2.856. National Average Price for Diesel – Current: $3.103; Month Ago: $3.045; Year Ago: $3.104.
Oil rose from a one-month low in New York ahead of data released on U.S. crude inventories, while traders weighed erratic global crude supplies and the threat to demand from trade tensions. Prices in New York were up 0.5 percent, after front-month futures closed at the lowest level since June 21 on Monday. U.S. government data is forecast to show that American crude stockpiles resumed the decline that’s been in progress since early June, according to a Bloomberg survey. While labor strikes have hit the North Sea, including in Norway’s Knarr Field are now over. Libya has also restored halted output and Saudi Arabia has pledged to keep markets carefully balanced. Click Read More below for additional information.
Futures fell 2.5 percent in New York. China’s oil refining dropped the most in three years in July, while crude output retreated from the highest this year. Libya’s biggest oil field, Sharara, cut output by more than 30 percent because of security threats, a person familiar with the matter said. Meanwhile, the dollar strengthened, eroding the lure of commodities as a store of value. "We’re seeing some strength in the dollar, and the preponderance of news seems to be favoring the bears right now," Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, said by telephone. "If you look at the China data this morning, when it came to the China refinery runs being down in July, that’s adding to the perception of slowing demand, and it’s offsetting the concerns about Libyan oil production." Click Read More below for additional detail.