National Average Price for Regular Unleaded Current: $3.209; Month Ago: $3.253; Year Ago: $3.663. National Average Price for Diesel Current: $3.612; Month Ago: $3.645; Year Ago: $4.498.

Oil steadied near $67 a barrel as markets regained some composure following renewed trade tensions between the U.S. and China, political turmoil in Europe and simmering concerns that OPEC may ease its output curbs. Futures in New York were little changed, though still almost $6 below last week’s high. China said it would respond accordingly to U.S. President Donald Trump’s plan to impose tariffs on $50 billion of Chinese imports. Encouraging economic data in Europe blunted panic related to Italy’s political crisis, which on Tuesday helped boost a gauge of oil market volatility to its highest level since February. Click Read More below for additional information.

Oil prices eased back from session highs on Thursday after the International Energy Agency increased its forecast for U.S. oil output growth in 2018, raising the prospect of excess supply. The IEA raised its U.S. crude output growth forecast for 2018, saying it would climb by 870,000 barrels per day (bpd) compared with its November forecast of 790,000 bpd. With cash pouring into the U.S. shale oil industry, the United States is on track to deliver up to 80 percent of the world’s oil production gains through 2025, the IEA estimates. Click Read More below for additional information.