AAA Daily Fuel Gauge Report for Friday, 6/11/21

Oil prices rose on Friday after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019. Oil’s rise defied a slump in global stock markets, which fell in response to worries about a trade stand-off between the United States and China. Gold XAU=, seen as a safe haven, hit a two-week high. Brent crude futures LCOc1 were at $69.10 per barrel at 1136 GMT, up 19 cents but off a session high of $70. For the week, Brent was up about 4.4 percent, its strongest showing since October. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.57 a barrel, up 27 cents but below a session high of $65.42. On the week, WTI was up about 3.6 percent.

National Average Price for Regular Unleaded Current: $4.599; Month Ago: $4.134; Year Ago: $3.041. National Average Price for Diesel Current: $5.530; Month Ago: $5.093; Year Ago: $3.179.

Oil prices steadied on Wednesday after Venezuela raised the prospect of a halt to some crude exports, easing worries about oversupply after reports that the U.S. government had asked Saudi Arabia and some other producers to increase output. Falling Venezuelan oil output helped push crude benchmark Brent LCOc1 to more than $80 a barrel last month, but prices have eased since then on talk of higher supply by other members of the Organization of the Petroleum Exporting Countries. Click Read More below for additional information.