National Average Price for Regular Unleaded Current: $3.162; Month Ago: $3.078; Year Ago: $3.674. National Average Price for Diesel Current: $3.578; Month Ago: $3.601; Year Ago: $4.055.

The spread between Brent crude oil futures contracts and U.S. WTI stood at its widest for three years on Friday with the latter set for a second consecutive week of declines as U.S. oil output comes close to matching that of top producer Russia. The premium has doubled to more than $11 a barrel in about a month as a lack of pipeline capacity in the United States traps much of the output inland. U.S. crude production has been rising to record levels since late last year. In March, it jumped 215,000 barrels per day (bpd) to 10.47 million bpd, a new monthly record, the Energy Information Administration said on Thursday. Click Read More below for additional information.

Futures in New York rose as much as 1.2 percent after dropping on Monday. While U.S. inventories are forecast to have added 3.4 million barrels last week, that would mark slower growth than the prior week. OPEC and its partners, which are cutting output to ease the global glut, still expect markets to balance by about the third quarter, according to people familiar with the matter. U.S. crude inventories are at their highest since December and probably grew again last week, according to a Bloomberg survey before government data due Wednesday. While supplies are set for a fourth weekly advance, the expected increase is smaller than the 5 million-barrel gain a week earlier. Click Read More below for additional information.