National Average Price for Regular – Current: $2.867; Month Ago: $2.862; Year Ago: $2.360.
National Average Price for Diesel – Current: $3.154; Month Ago: $3.168; Year Ago: $2.523.
Oil prices steadied on Thursday as another steep rise in U.S. crude inventories balanced concerns over the security of Middle East supplies as a civil war escalated in Yemen. Brent crude for June was up 5 cents at $62.78 a barrel by 1105 GMT (7.05 a.m. EDT). U.S. crude for June was 10 cents lower at $56.06 a barrel.
Citing an internal document, Reuters reported that OPEC is having difficulties to pump more oil to the market as a recent boost in Saudi Arabian supply was offset by declines in Iran, Venezuela and Angola. "In China, higher seasonal demand and suspected stockpiling are occurring, while similarly the U.S. and the OECD continue building stockpiles ahead of potential supply disruptions this winter," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore. Meanwhile, U.S. Treasury Secretary Steven Mnuchin said on Sunday that countries wishing to get waivers on Iran oil sanctions would have to reduce their buying of Iranian oil by about 20% than the level from 2013 to 2015. Click read more below for additional detail.