AAA Daily Fuel Gauge Report for Friday, 11/22/24

Global benchmark Brent crude topped $60 a barrel last month for the first time since July 2015, while West Texas Intermediate, the U.S. marker, is set for the highest close in two years as Saudi Arabia and Russia signaled support for extending supply cuts well into 2018. The market was also buoyed by conflict between the Iraqi central government and Kurdish forces that threatened crude production from northern fields in the OPEC nation. “U.S. stock draws have been leading and continue to lead the market higher,” said Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland. Click Read More below for additional information.

National Average Price for Regular – Current: $2.298; Month Ago: $2.247; Year Ago: $2.142. National Average Price for Diesel – Current: $2.460; Month Ago: $2.447; Year Ago: $2.329.

UPS announced it has entered into an agreement to sell its Coyote Logistics business unit to RXO, Inc., for $1.025 billion. “As UPS positions itself to become the premium small package provider and logistics partner in the world, the decision to sell our Coyote Logistics business allows an even greater focus on our core business,” said UPS Chief Executive Officer Carol B. Tomé. Based in Chicago, Coyote Logistics is a leading global third-party logistics (3PL) provider, working with 100,000 network carriers and managing 10,000 loads per day. The transaction is expected to close by the end of the year, subject to regulatory review and approval. Upon completion of the transaction, the company will update its financial outlook.