AAA Daily Fuel Gauge Report for Friday, 3/16/18

National Average Price for Regular Unleaded Current: $3.155; Month Ago: $3.072; Year Ago: $2.187. National Average Price for Diesel Current: $3.270; Month Ago: $3.222; Year Ago: $2.434.

Futures were little changed in New York after falling 0.6 percent on Wednesday. Prince Mohammed said in an interview with Bloomberg News in Riyadh that "of course" he wanted to extend OPEC’s production cuts in 2018, making it all but certain the group and its allies will roll over the curbs at a meeting next month. Oil is holding gains above $50 a barrel as speculation mounts that supply curbs by members of the Organization of Petroleum Exporting Countries and its allies including Russia will be prolonged when they meet in Vienna on Nov. 30. In Iraq, the state oil company is working with a Kurdish firm to resume pumping at two disputed fields after government troops recaptured them from Kurdish forces. Click Read More below for additional information.

Oil in New York was unable to hold its advance above $50 a barrel last week as signs of rising global supply eroded optimism that output curbs by the Organization of Petroleum Exporting Countries and its partners are rebalancing the market. Compliance with cuts was 86 percent in July, according to a Bloomberg survey. “The market has recovered strongly from its lows on signs that the market is normalizing, but further upside at this stage seems unlikely,” said Ole Sloth Hansen, head of commodity strategy at Saxo in Copenhagen. Click Read More below for additional detail.