American Dollar to Canadian Dollar = 0.756112; American Dollar to Chinese Yuan = 0.140552; American Dollar to Euro = 1.102527; American Dollar to Japanese Yen = 0.009345; American Dollar to Mexican Peso = 0.050868.
The prolonged dispute has had a dampening effect on oil prices, though they have risen over the year thanks partly to production cuts led by the Organization of the Petroleum Exporting Countries and Russia to drain inventories. U.S. crude and product inventories fell last week, with crude drawing down for a third consecutive week despite a jump in imports, the Energy Information Administration (EIA) said. Crude stocks dropped 4.8 million barrels, nearly double analyst expectations, to 423 million barrels, their lowest level since October last year.
Oil prices rose on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, after three days of losses on lingering fears about a weakening global economy. U.S. data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month.
Oil prices fell on Tuesday as the ongoing U.S.-China trade war cast a pall over markets, with soft South Korean data adding to concerns over emerging markets and a rise in OPEC output. The United States this week imposed 15% tariffs on a variety of Chinese goods and China began to impose new duties on a $75 billion target list, deepening the trade war that has rumbled on for more than a year.
National Average Price for Regular Unleaded – Current: $2.580; Month Ago: $2.727; Year Ago: $2.838. National Average Price for Diesel – Current: $2.931; Month Ago: $2.989; Year Ago: $3.158.
American Dollar to Canadian Dollar = 0.752750; American Dollar to Chinese Yuan = 0.139846; American Dollar to Euro = 1.103761; American Dollar to Japanese Yen = 0.009411; American Dollar to Mexican Peso = 0.049819.
Analysts have slashed their oil price forecasts to the lowest in more than 16 months, citing softening global demand as an economic slowdown looms and uncertainty prevails on the U.S.-China trade front, a Reuters poll showed on Friday. “The ongoing U.S.-China trade disputes and emanating risk of economic slowdown will be the key factors affecting prices for the rest of this year and in 2020,” ANZ analyst Soni Kumari said.
Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of U.S. economy. Concerns about a slowdown in economic growth due to the trade war raging between the United States and China, along with the potential hit to oil demand, are keeping prices in check. Daly said on Thursday she believes the U.S. economy has “strong” momentum, but uncertainty and a global growth slowdown are having an impact.
“America’s trucking industry, and the overall freight transportation industry, are poised to experience strong growth over the next decade as the country’s economy and population grow,” said ATA Chief Economist Bob Costello. “Our annual Freight Forecast is a valuable look at where we are headed so leaders in business and government can make important decisions about investments and policy.” Among the findings in this year’s Forecast: •Overall freight tonnage will grow to 20.6 billion tons in 2030, up 25.6% from 2019’s projection of 16.4 billion tons. •Freight industry revenues will increase 53.8% to $1.601 trillion over the next decade. •Trucking’s share of total freight tonnage will dip to 68.8% in 2030 from 71.1% this year, even as tonnage grows to 14.2 billion tons in 2030 from 11.7 billion tons. •Trucking and total rail transportation will lose relative marketshare, even as revenues and tonnage grows, while intermodal rail, air and domestic waterborne transportation will show modest growth and pipeline transportation will experience explosive growth – surging 17.1% in tonnage and 8.6% in revenue over the next decade.
Oil prices rose on Wednesday after industry data showing a fall in stockpiles of U.S. crude somewhat eased worries about subdued demand due to the China-U.S. trade war. The two benchmarks are headed for monthly losses of around 8% and 5%, respectively. U.S. crude stockpiles plummeted by 11.1 million barrels last week as imports dropped, compared with expectations for a 2-million-barrel draw.