Oil rose further above $68 a barrel briefly on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week. The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories. OPEC is cutting output by even more than it promised [OPEC/O] and the restraint is reducing oil stocks globally, a trend most visible in the United States, the world's largest and most transparent oil market. Click Read More below for additional information.

California rang in the new year by delaying enforcement of its "Advanced Clean Fleets" Regulation, which requires trucking companies operating in the state to purchase an increasing percentage of electric trucks in the coming years. While enforcement was slated to begin this week, officials at the California Air Resources Board agreed to pause the registration and compliance requirements until the U.S. Environmental Protection Agency grants the regulation a green light to proceed. It's an inauspicious start for a program that's on a clear collision course with reality. Reporting from the Wall Street Journal validates what ATA has been telling lawmakers for many months: the charging infrastructure, power generation and transmission, product performance, and operational parity required for such a policy to succeed are nowhere near ready. The WSJ report illustrates how even drayage operators—those who run short-haul routes to and from ports and other intermodal facilities—are struggling to charge their equipment and maintain deliveries on time.