“We are once again seeing the emerging stalemate between OPEC and non-OPEC cutting efforts on one side and rising U.S. production on the other,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “We are currently testing the lower end of the range. This market is unlikely to go anywhere for the foreseeable future.” Oil’s rally has faltered after three straight weekly gains on expectations the Organization of Petroleum Exporting Countries and its allies will extend its supply reductions. Prices dropped by more than 3.8 percent on Wednesday after data showed U.S. crude production rose for a ninth straight week, even as stockpiles continued to decline from a record. click Read More below for more of the story
National Average Price for Regular Unleaded – Current: $2.570; Month Ago: $2.702; Year Ago: $2.853. National Average Price for Diesel – Current: $2.927; Month Ago: $2.982; Year Ago: $3.177.