AAA Daily Fuel Gauge Report for Friday, 7/9/21

National Average Price for Regular Unleaded Current: $4.279; Month Ago: $4.164; Year Ago: $2.941. National Average Price for Diesel Current: $5.510; Month Ago: $5.077; Year Ago: $3.099.

Futures fell 0.3 percent in New York after Friday’s 0.5 percent gain. Libya’s biggest oil field cut output by more than 30 percent, a person familiar with the matter said Sunday, while the head of a union said loadings at Zueitina ceased after employees demanded better working conditions. In the U.S., drillers added three crude rigs last week, according to Baker Hughes Inc. In Libya, the Sharara field’s output has dropped to 200,000 barrels a day, the person familiar said. “After months of boosting oil production, Libya currently seems to be experiencing output disruptions,” said Michael Poulsen, an analyst at Global Risk Management Ltd. Click Read More below for more of the story.

Major oil-producing countries moved on Friday toward an agreement to jointly raise exports, a decision that has driven considerable division among them but that could temper criticism from President Trump. Officials from the Organization of the Petroleum Exporting Countries, as well as other major producers like Russia, were set to increase their total output by less than 1 percent of the global oil supply. Though a relatively small addition to the world energy market, the move nevertheless signals a willingness by international suppliers to address rising prices. Click Read More below for additional information.