National Average Price for Regular Unleaded Current: $2.115; Month Ago: $2.164; Year Ago: $2.595. National Average Price for Diesel Current: $2.393; Month Ago: $2.376; Year Ago: $3.009.

Futures climbed 1.4 percent in New York, paring this week’s loss to 1.5 percent. China’s crude oil imports rebounded from a one-year low to near a record amid signs the nation’s commercial stockpiles shrank by the most in almost eight years. U.S. crude output increased to a record last week, while motor fuel inventories rose more than double analysts’ forecasts, government data showed Wednesday. U.S. crude production expanded for a seventh week to 9.7 million barrels a day, the highest level in weekly data compiled by the Energy Information Administration since 1983. Gasoline inventories rose by 6.78 million barrels last week, the biggest gain since January. Click Read More below for additional information.

Union leaders have cut off negotiations for a new contract for port workers on the East and Gulf Coasts over automation concerns, a development that comes with less than two months to go before the docksiders say they’ll again strike if a fresh six-year deal for them isn’t inked. It’s a notable development for the promotional products market, which imports the vast majority of products it sells in North America on ships that bring goods from Asia and other parts of the world. A lengthy strike on the East and Gulf Coasts could seriously snarl the supply chain of the promo products industry and other sectors.