AAA Daily Fuel Gauge Report for Friday, 09/08/17

Crude oil prices rose but backed away from multi-year highs on Wednesday after U.S. government data showed an increase in fuel inventories and a falloff in refining activity. A broad, global market rally, including stocks, has also been fueling investment into crude oil futures, but analysts warned of possible overheating. U.S. crude inventories fell 4.9 million barrels last week, more than the 3.9-million decline forecast, but bigger-than-expected builds in gasoline and fuel stocks offset that drawdown, the Energy Information Administration reported. Click Read More below for additional information.

National Average Price for Regular Unleaded Current: $3.891; Month Ago: $3.764; Year Ago: $3.244. National Average Price for Diesel Current: $4.916; Month Ago: $5.050; Year Ago: $3.415.

Futures climbed as much as 1.7 percent in New York, paring Wednesday’s 4.1 percent loss. Crude and gasoline inventories both dropped by more than by 5.5 million barrels last week, the American Petroleum Institute was said to report. Government data Thursday is also forecast to show supplies fell. Oil remains in a bear market amid concerns that rising supply from Libya to the U.S. will counter production cuts from the Organization of Petroleum Exporting Countries and its partners including Russia. American crude stockpiles are more than 100 million barrels above the five-year average. Click Read More below for additional detail.