Futures were little changed in New York after rising 8.3 percent the previous seven sessions. U.S. drillers targeting crude reduced the number of active rigs for the first time in 24 weeks, according to Baker Hughes Inc. data on Friday. Libya’s oil production climbed to more than 1 million barrels a day for the first time in four years, according to a person with direct knowledge of the situation. While prices surged last week, oil in New York and London still posted a monthly loss in June after tumbling into a bear market on concerns that rising global supply will counter cuts from the Organization of Petroleum Exporting Countries and its partners. There are signs of a slowdown in the U.S., but Libya is adding more oil to the market as it restarts fields that are exempt from OPEC’s production curbs. Click Read More below for more of the story.

National Average Price for Regular – Current: $2.817; Month Ago: $2.658; Year Ago: $2.367. National Average Price for Diesel – Current: $3.074; Month Ago: $2.972; Year Ago: $2.522.

Trucking activity in the United States decreased 1% in July after rising 1.5% in June, according to the American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index. "Tonnage levels have been choppy recently, and this trend was reflected in July’s decline,” said ATA Chief Economist Bob Costello. "Aside from a couple pockets of strength, including the boom in data center construction for AI, freight has been lackluster. It is also true that the industry is seeing a recovery, but that is nearly all due to excess capacity leaving the market.” In July, the ATA advanced seasonally adjusted For-Hire Truck Tonnage Index equaled 113.5, down from 114.7 in June.