AAA Daily Fuel Gauge Report for Friday, 1/6/23

American Dollar to Canadian Dollar = 0.758163; American Dollar to Chinese Yuan = 0.146269; American Dollar to Euro = 1.184713; American Dollar to Japanese Yen = 0.009420; American Dollar to Mexican Peso = 0.046946.

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.

Oil prices steadied on Wednesday, supported by a drop in U.S. commercial crude inventories and the loss of storage capacity in Libya, but under pressure ahead of a meeting of OPEC exporters which may increase global production. U.S. crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to an American Petroleum Institute report on Tuesday. Click Read More below for additional information.