Oil dipped slightly last week on a weaker demand outlook while Russia cast doubts on the timing of a decision to extend supply cuts led by the Organization of Petroleum Exporting Countries. Wagers on lower Brent prices rose by the most since June through the week to Nov. 14 amid uncertainty over Saudi Arabia’s push to prolong output curbs. Yet an extension remains likely, according to PVM Oil Associates Ltd. “It is widely believed that OPEC, together with 10 non-OPEC countries, will roll over their production for the whole of 2018,” said Tamas Varga, an analyst at PVM in London. Click Read More below for additional information.

National Average Price for Regular Unleaded Current: $3.067; Month Ago: $3.037; Year Ago: $3.094. National Average Price for Diesel Current: $3.514; Month Ago: $3.541; Year Ago: $3.982.

American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index declined 2% in March after increasing 4% in February. In March, the index equaled 113.4 (2015=100) compared with 115.7 in February. “Tonnage in March suggests that truck freight volumes remain lackluster, and it is clear the truck freight recession continued through the first quarter,” said ATA Chief Economist Bob Costello. “In the first three months of 2024, ATA’s tonnage index contracted 0.8% from the previous quarter and declined 2.4% from a year earlier, highlighting ongoing challenges the industry is navigating.” February’s increase was revised down slightly from our March 19 press release.