National Average Price for Regular – Current: $2.858; Month Ago: $2.660; Year Ago: $2.338.
National Average Price for Diesel – Current: $3.106; Month Ago: $2.974; Year Ago: $2.506.
National Average Price for Regular Unleaded Current: $5.000; Month Ago: $4.523; Year Ago: $3.075. National Average Price for Diesel Current: $5.798; Month Ago: $5.573; Year Ago: $3.219.
Futures in New York were little changed, after rising 3 percent the previous two sessions. Libya’s crude loadings from the Mellitah terminal will be “modified” after protests impeded output at the El-Feel field. Cuts by OPEC and its allies may be phased out in 2019 in a way that won’t disturb the market, Saudi oil minister Khalid Al-Falih said. Still, U.S. supply remains a threat, with the nation’s rig count rising for a fifth week to the highest since April 2015. Oil has risen more than 5 percent this year, following a second annual gain, as a drain in U.S. stockpiles and growing demand reassure investors that production cuts led by the Organization of Petroleum Exporting Countries are working. While America continues to pump record volumes, accompanied by an increase in exports, Al-Falih said the global oil market is re-balancing and bloated inventories are shrinking. Click Read More below for additional information.