National Average Price for Regular Unleaded Current: $4.986; Month Ago: $4.374; Year Ago: $3.073. National Average Price for Diesel Current: $5.753; Month Ago: $5.550; Year Ago: $3.205.

Canadian Prime Minister Mark Carney announced last week $1.3B in new supports for the steel and lumber industries hit hard by U.S. tariffs. U.S. President Donald Trump has imposed 50% tariffs on steel, and softwood lumber, long subject to U.S. tariffs, is currently taxed at 45% after the Trump administration's hike last month. Carney said the decades-long process of an ever-closer economic relationship between Canada and the United States is now over. "As a consequence, many of our strengths have become vulnerabilities. Last year, more than 75% of our exports went to the United States. Ninety percent of our lumber exports, 90% of our aluminum exports, and 90% of our steel exports, all bound for a single market," Carney said.

Oil gained last week to rise above its 200-day moving average for the first time since May as concerns eased that efforts by the Organization of Petroleum Exporting Countries and its allies to curb output will be offset by rising production elsewhere. Police in Venezuela clashed with demonstrators after a vote Sunday to elect members of a new legislative body that President Nicolas Maduro insisted is needed to restore order after months of protests. “Depending on how the Trump administration decides to proceed going forward, of course that could have implications,” including potentially blocking imports of Venezuelan crude, said Harry Tchilinguirian, a commodities analyst at BNP Paribas SA in London. “It’s very unclear at this stage what course the U.S. administration will follow.” Click Read More below for additional details.