AAA Daily Fuel Gauge Report for Friday, 5/24/24

American Dollar to Canadian Dollar = 0.695355; American Dollar to Chinese Yuan = 0.137022; American Dollar to Euro = 1.039084; American Dollar to Japanese Yen = 0.006379; American Dollar to Mexican Peso = 0.049428.

Brent crude oil hit a more than three-year high on Thursday, breaking through the psychologically important $70 a barrel level for the first time since December 2014. Oil futures failed to hold the gains, selling off as the close of trading approached, with analysts warning that the market might have little room left to run. Oil prices have been supported by stronger-than-expected demand fueled by worldwide economic growth, ongoing output limits by OPEC and Russia and a series of global events that have stoked geopolitical tension. Click Read More below for additional information.

Futures in New York tumbled 1.7 percent Thursday. While Goldman Sachs Group Inc. forecasted strong global consumption growth, crude production and stockpiles in the U.S. climbed higher in the latest inventory report. A strengthening dollar also pushed crude lower. The Organization of Petroleum Exporting Countries and its partners including Russia continue to trim output as promised. OPEC shipments will fall by 230,000 barrels a day in the four weeks to March 24, according to tanker-tracker Oil Movements. Saudi Minister of Energy and Industry Khalid Al-Falih said in a Bloomberg Television interview that the deal will evolve in 2019 and the group will do what it needs to in order to preserve oil market stability. Click Read More below for additional information.