Key Currency Exchange Rates for Friday, 10/2/20

West Texas Intermediate futures added 0.4 percent. Iraqi Oil Minister Jabbar al-Luaibi said there’s support in the Organization of Petroleum Exporting Countries to deepen output curbs by about 1 percent. Still, Iraq has failed to deliver the supply cuts it committed to under the current agreement. U.S. refiners are delaying scheduled maintenance as they resume operations after Hurricane Harvey, supporting demand for crude. Iraq’s suggestion “has a minor influence on prices -- if it would have come from Saudi Arabia, it would probably have had a bigger impact,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. Click Read More below for more of the story.

American Dollar to Canadian Dollar = 0.785249; American Dollar to Chinese Yuan = 0.157918; American Dollar to Euro = 1.193254; American Dollar to Japanese Yen = 0.009150; American Dollar to Mexican Peso = 0.052048.

When the price of diesel goes up, the cost of everything else follows. Peak travel season is upon us and gasoline prices continue to soar. Americans are rightfully concerned as the cost of filling up their tank keeps going up at the pump. And while most may not pay as much thought to the price of diesel, the reality is that number weighs even heavier on their pocketbooks. Virtually every good you can think of travels by truck before it’s in your reach. And today’s trucks, by and large, run on diesel. The price of diesel is baked into the price of everything else, gasoline included. Right now, motor carriers are getting slammed by nightmarish surges in the price of diesel. It’s especially hard on smaller fleets, which don’t operate at a scale to negotiate rates down or lock prices into a contract. These small businesses account for 97% of trucking companies in the U.S., running 20 trucks or fewer.