AAA Daily Fuel Gauge Report for Friday, 1/14/22
National Average Price for Regular Unleaded Current: $3.306; Month Ago: $3.323; Year Ago: $2.365. National Average Price for Diesel Current: $3.602; Month Ago: $3.598; Year Ago: $2.611.
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Oil Falls on Report Showing OPEC Deal Compliance Falling in July
Oil prices fell on Friday after a consultancy report forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the market will stay awash with crude.
Petro-Logistics, which tracks OPEC supply forecasts, said OPEC crude production would rise by 145,000 barrels per day (bpd) this month, taking the group's combined output above 33 million bpd.
Higher supply from Saudi Arabia, the United Arab Emirates (UAE) and Nigeria would drive this month's gains, it said.
Oil prices ease from 3-year highs after Brent crude rockets above $70 a barrel
Brent crude oil hit a more than three-year high on Thursday, breaking through the psychologically important $70 a barrel level for the first time since December 2014. Oil futures failed to hold the gains, selling off as the close of trading approached, with analysts warning that the market might have little room left to run. Oil prices have been supported by stronger-than-expected demand fueled by worldwide economic growth, ongoing output limits by OPEC and Russia and a series of global events that have stoked geopolitical tension. Click Read More below for additional information.