National Average Price for Regular Unleaded – Current: $2.861; Month Ago: $2.831; Year Ago: $2.900. National Average Price for Diesel – Current: $3.098; Month Ago: $3.069; Year Ago: $3.156.
(investing.com) Oil prices edged up on Monday amid reports that Saudi Arabia pumped fewer crude barrels in July, while the U.S. saw a drop in active drilling rigs, Baker Hughes’ weekly data showed. Saudi Arabia, one the world’s largest crude oil exporter, produced 200,000 barrels less per day in July – only 10.29 million a day last month, according to reports. Meanwhile, Baker Hughes’ weekly data showed that the number of active drilling rigs in the U.S. declined by 4 to 1,048. U.S. shale oil drillers also posted negative quarterly results, attributing the loss to growing operating costs, driving up oil prices. Click Read More below for additional information.
Oil prices fell on Friday after China reported slower economic growth, pointing to lower fuel demand in the world's biggest oil importer, although market sentiment was supported by supply cuts agreed last week by major crude producers. China, the world's No.2 economy, on Friday reported some of its slowest growth in retail sales and industrial output in years, highlighting the risks of its trade dispute with the United States. Chinese oil refinery throughput in November fell from October, suggesting an easing in oil demand, though runs were 2.9 percent above year-ago levels. Click read more below for additional detail.