AAA Daily Fuel Gauge Report for Friday, 08/04/17

American Dollar to Canadian Dollar = 0.812743; American Dollar to Chinese Yuan = 0.154896; American Dollar to Euro = 1.194699; American Dollar to Japanese Yen = 0.009034; American Dollar to Mexican Peso = 0.050472.

Futures lost as much as 0.9 percent in New York after falling 1.6 percent the previous two sessions. U.S. crude inventories rose by 1.82 million barrels last week, the American Petroleum Institute was said to report, even as it noted a large decline at the storage hub in Cushing, Oklahoma. While all OPEC members support extending output curbs until the end of 2018, Russia hasn’t yet committed to the proposal, said people familiar with the matter. Oil has eased this week from the highest level in more than two years on uncertainty about the outcome of Thursday’s meeting of the Organization of Petroleum Exporting Countries. While the global glut relative to the five-year average has more than halved since January, the surplus still stands at 140 million barrels, OPEC Secretary-General Mohammad Barkindo said Monday. Click Read More below for additional information.

Front-month crude futures rose 0.7 percent in New York, paring Thursday’s 2 percent decline. Gasoline gained as much as 4.6 percent. While some oil and gas production has shut in the Gulf, the storm is bearing down on an area in the U.S. state of Texas that is home to much of the nation’s refining capacity. If Harvey, currently a Category 2, makes the forecast landfall as a Category 3, it will be the strongest storm to hit since Wilma in 2005. U.S. gasoline prices for September rose to $1.7120 a gallon, the highest intraday price for a front-month contract since April. Ultra-low-sulfur diesel climbed as much as 2 percent to $1.6530 a gallon. Click Read More below for more of the story.