AAA Daily Fuel Gauge Report for Friday, 5/20/22

American Dollar to Canadian Dollar = 0.803715; American Dollar to Chinese Yuan = 0.154754; American Dollar to Euro = 1.189000; American Dollar to Japanese Yen = 0.009120; American Dollar to Mexican Peso = 0.050343.

American Dollar to Canadian Dollar = 0.790046; American Dollar to Chinese Yuan = 0.158944; American Dollar to Euro = 1.230345; American Dollar to Japanese Yen = 0.009292; American Dollar to Mexican Peso = 0.054088.

Oil has advanced this month on forecasts for rising crude demand and as U.S. Gulf Coast plants recover from Hurricane Harvey, which halted almost a quarter of the nation’s refining capacity. Nine months into the OPEC-led supply agreement, implementation of the pledged production cuts remains high. Nigeria, which is currently exempt from making cuts, reiterated that it would accept a cap once output stabilizes around 1.8 million barrels a day. “Today’s meeting of the Joint Ministerial Monitoring Committee is lending buoyancy,” Commerzbank said in a note. “Although no binding promises to extend or expand the agreement can be expected, Nigeria – which like Libya had not signed up to the production cuts – is at least showing a willingness to come on board.” Click Read More below for more of the story.