AAA Daily Fuel Gauge Report for Friday, 11/03/2017

American Dollar to Canadian Dollar = 0.770086; American Dollar to Chinese Yuan = 0.147079; American Dollar to Euro = 1.141497; American Dollar to Japanese Yen = 0.008792; American Dollar to Mexican Peso = 0.054932.

The Port Authority of New York and New Jersey is "coordinating with partners across the supply chain to prepare for any impacts" from a possible work stoppage by workers represented by the International Longshoremen's Association as they negotiate with the United States Maritime Alliance (USMX), a Port Authority spokesperson told CBS MoneyWatch on Friday. "We urge both sides to find common ground and keep the cargo flowing for the good of the national economy," added the spokesperson, noting that $240 billion in goods move through the two ports each year and that such trade supports more than 600,000 local jobs. According to the union, a strike would affect ports from Maine to Texas. A stoppage could involve up to 45,000 workers at ports that account for roughly 60% of U.S. shipping traffic, leading to a major disruption of shipments, Oxford Economics said in a report.

Futures rose as much as 1 percent in New York. Saudi Arabia, OPEC’s largest producer, will limit exports to 6.6 million barrels a day in August, 1 million lower than year earlier, Minister of Energy and Industry Khalid Al-Falih said after a meeting with fellow producers. The nations gathering in St. Petersburg, Russia, made no major changes to their wider supply agreement, stopping short of capping output of Libya and Nigeria. "Some countries continue to lag" in their compliance "which is a concern we must address head on," Al-Falih told reporters before the meeting ended. While other producers support the recovery in output from Libya and Nigeria "the committee, however, should monitor the impact of such growth in supply on global supply-demand balances." Click Read More below for additional detail.