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.

Futures in New York fell as much as 1.1 percent, after losing 3.6 percent in the previous two sessions. U.S. crude stockpiles last week rose to the highest level since December, while gasoline reserves expanded at four times the predicted rate. Meanwhile, data for November showed the shale boom drove U.S. output to a record. U.S. stockpiles of oil stored in tanks and terminals rose by 3.02 million barrels to about 423 million, the fourth increase in five weeks, according to the Energy Information Administration. That compares with a median estimate for a 3 million-barrel gain in a Bloomberg survey. Gasoline inventories expanded by 2.48 million barrels, more than the 600,000-barrel average estimate. Click Read More below for additional information.

The American Trucking Associations and the International Foodservice Distributors Association applauded the introduction of the DRIVE Safe Integrity Act, introduced by Representatives Rick Crawford (R-Arkansas) and Henry Cuellar (D-Texas), to help alleviate the truck driver workforce shortage. The bill builds upon strong, bipartisan support for the DRIVE Safe Act over the last few Congresses and the inclusion of the Safe Driver Apprenticeship Pilot Program in the bipartisan infrastructure law. “Building a 21st century supply chain requires a strong, vibrant and growing trucking workforce,” said ATA President and CEO Chris Spear. “The DRIVE Safe Integrity Act will bolster new career pathways into interstate trucking while promoting safety and training standards that far exceed the bar set by states today. This legislation offers a timely and essential trucking workforce and supply chain solution, built off years of broad bipartisan Congressional support.” “The last three years have proven just how important truck drivers are to the American economy and way of life, and how urgently we need to develop a pipeline of qualified, well-trained professional drivers to meet our nation’s growing freight needs,” said Mark S. Allen, President and CEO of IFDA.