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

National Average Price for Regular Unleaded Current: $4.599; Month Ago: $4.134; Year Ago: $3.041. National Average Price for Diesel Current: $5.530; Month Ago: $5.093; Year Ago: $3.179.

Futures were down 1 percent in New York, extending last week’s 3.9 percent drop. The two African producers, who were exempt from supply cuts because of internal strife but are now recovering, have been invited to a July 24 meeting in Russia to discuss whether their production has stabilized, Kuwait’s Oil Minister Issam Almarzooq said in Istanbul. BNP Paribas SA sharply reduced its price forecasts for this year and next because supply growth elsewhere is diluting the impact of the OPEC-led curbs. Oil in New York and London remains in a bear market amid concerns elevated global oil inventories and rising supply will offset curbs by the Organization of Petroleum Exporting Countries and its partners including Russia. Libya and Nigeria together added 440,000 barrels a day of production in May and June as fields restarted, according to data compiled by Bloomberg. It’s premature to talk about deepening output cuts, OPEC Secretary-General Mohammad Barkindo said in Istanbul. Click Read More below for more of the story.

The oil prices were bullish in the market as geopolitical tensions in the Middle East dies down. The commodity’s prices managed to hit another milestone despite the astonishing performance of the dollar in the market. The commodity continues to push great performance in the market on multiple factors. The great oil inventories reports and the OPEC agreement to extend the output cut have managed to put the prices on its best figures ones again. Click Read More below for additional information.