National Average Price for Regular Unleaded Current: $2.606; Month Ago: $2.642; Year Ago: $2.655. National Average Price for Diesel Current: $3.013; Month Ago: $2.998; Year Ago: $3.236.
American Dollar to Canadian Dollar = 0.755284; American Dollar to Chinese Yuan = 0.142675; American Dollar to Euro = 1.103382; American Dollar to Japanese Yen = 0.009198; American Dollar to Mexican Peso = 0.052010.
Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from OPEC about lower-than-expected U.S. shale production in 2020 also provided some support. The American Petroleum Institute reported on Wednesday an unexpected drop in U.S. crude stockpiles by 541,000 barrels in the week to Nov. 8, against analysts’ expectations of an increase of 1.6 million barrels. Gasoline and distillate inventories increased, the API data showed.
Oil futures settled lower Monday as recent developments in Sino-American trade negotiations reignited some fears about demand for energy assets in the face of a prolonged tariff scuffle. On Friday, futures enjoyed a modest bounce after a report on drilling activity in the U.S. pointed to a pause in activity, which could be bullish for crude prices. Meanwhile, reports also suggested that members of oil cartel, the Organization of the Petroleum Exporting Countries and other members, including Russia, known as OPEC +, may not seek deeper cuts in member production to help support prices.
Canadian crude oil is once again moving through a pipeline nearly two weeks after the line leaked an estimated 383,000 gallons of oil in North Dakota. Calgary, Alberta-based TC Energy, formerly known as TransCanada, said in a statement that the Keystone pipeline "returned to service" Sunday after approval of a repair and restart plan by the U.S. Pipeline and Hazardous Materials Safety Administration.
National Average Price for Regular Unleaded Current: $2.628; Month Ago: $2.648; Year Ago: $2.724. National Average Price for Diesel Current: $3.013; Month Ago: $3.002; Year Ago: $3.261.
American Dollar to Canadian Dollar = 0.756222; American Dollar to Chinese Yuan = 0.143079; American Dollar to Euro = 1.103312; American Dollar to Japanese Yen = 0.009147; American Dollar to Mexican Peso = 0.052187.
Oil prices fell on Friday, weighed down by lingering uncertainty about how close the United States and China were to a trade deal and on rising U.S. crude inventories. China’s commerce ministry said on Thursday that two countries had agreed in the past two weeks to cancel trade tariffs in different phases, without giving a timeline. But the comment was soon shrouded in doubt after Reuters reported the plan faced stiff internal opposition in the U.S. administration.
Oil rose above $62 a barrel on Thursday after China hinted at progress toward a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and fuel demand. Beijing’s comments boosted market sentiment, which had also been ruffled by Wednesday’s U.S. government supply report showing crude inventories rose last week by 7.9 million barrels, much more than expected by analysts.
Chinese President Xi Jinping and U.S. President Donald Trump have been in continuous touch through “various means”, China said on Monday, when asked when and where the two leaders might meet to sign a trade deal. Capping gains, euro zone factory activity contracted sharply last month as demand was dented by the trade war and continued lack of clarity over Britain’s departure from the European Union, a survey showed. “The oil market faces ample supplies with global demand almost stagnant and supplies rising from the U.S., Canada, Brazil and even the North Sea,” said Norbert Rucker, head of economics at Swiss bank Julius Baer.