Futures in New York added as much as 1.6 percent after rising 1.3 percent Monday. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year earlier, said Energy and Industry Minister Khalid Al-Falih. In the U.S., Halliburton Co. and Anadarko Petroleum Corp. signaled that the investment in shale fields may finally be succumbing to the oil price slump. “Yesterday’s Saudi decision to cut exports still lingers in the market,” said Bjarne Schieldrop, chief analyst for commodities at SEB Markets. The headlines that the U.S. shale oil boom is easing are also driving futures higher, he said. Click Read More below for more of the story.

FedEx Express, FedEx Ground and FedEx Freight will increase shipping rates beginning January 4, 2021. These rate changes enable FedEx to continue investing in service enhancement, fleet maintenance, technology innovations and other areas to serve customers more effectively and efficiently. FedEx Express shipping rates will increase by an average of 4.9% for U.S. domestic, U.S. export and U.S. import services. FedEx Ground and FedEx Home Delivery shipping rates will increase by an average of 4.9%. FedEx SmartPost shipping rates will also increase. FedEx Freight shipping rates will increase by an average of 4.9% for customers who use FXF PZONE and FXF EZONE, and by 5.9% for customers who use FXF 1000 and FXF 501 for shipments within the U.S. (including Alaska, Hawaii, Puerto Rico and the U.S. Virgin Islands) and between the contiguous U.S. and Canada. FedEx Freight shipping rates will also increase for shipments within Canada, within Mexico, and between the contiguous U.S. and Mexico. Details of all changes to rates, surcharges and fees are available on the FedEx website at: http://fedex.com/rates2021.

Record diesel prices are crushing California's truckers, forcing them to adjust to avoid losses as they grapple with the most expensive pump prices in the country. Greg Dubuque's 40 drivers are in a constant diesel-devouring loop. Their big rigs pick up loads of electronics, office furniture and other goods around Los Angeles. They drive close to 1,000 miles through the Mojave Desert and over the Rocky Mountains to Denver. They bring back containers full of everything from pinto beans to home remodeling products. One tank of gas for his vehicles cost $600 a couple of months ago. Today it costs $1,000. That's a record high and more than 35% above the country's average. “California sets itself apart from the rest of the country when it comes to pricing," said Dubuque, a third-generation trucker and general manager of Liberty Linehaul West. "Now it’s really out of control.” The average price of a gallon of diesel in California got close to $7.75 this week, up 50% from a month ago, according to the American Automobile Assn. The national average of diesel is closer to $5.65 at recent peaks.