AAA Daily Fuel Gauge Report for Friday, 12/17/21
National Average Price for Regular Unleaded Current: $3.312; Month Ago: $3.413; Year Ago: $2.203. National Average Price for Diesel Current: $3.590; Month Ago: $3.644; Year Ago: $2.498.
https://gasprices.aaa.com/
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Oil Slides as IEA Grows Less Confident on Global Rebalancing
Oil remains in a bear market on concern rising global supply will offset curbs by the Organization of Petroleum Exporting Countries and its partners including Russia. OPEC’s first assessment of world markets in 2018 suggested that its current output of 32.6 million barrels a day -- swollen by a recovery in Libya and Nigeria that are exempt from the cuts -- will be too high. “Given how the rebalancing process appears to be taking its time, it will be difficult to avoid having the discussion with Libya and Nigeria of eventually capping their output, provided of course the gains in the two countries are sustained,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London. Click Read More below for more of the story.
Oil to Rise in 2018 as Opec Wages Tug-Of-War with U.S. Shale: Reuters Poll
Oil prices are likely to rise this year thanks to supply disruptions and an OPEC-led deal to limit production, but doubts over the future of compliance with the multilateral agreement and rising U.S. production could stem the upward momentum, a Reuters poll showed on Thursday.
A survey of 31 economists and analysts polled by Reuters showed Brent crude LCOc1 would average nearly $64 a barrel in 2018, versus $63 forecast in the February survey, but below the $67.18 average for the benchmark so far in 2018.