AAA Daily Fuel Gauge Report for Friday, 12/10/21

West Texas Intermediate futures were little changed, having climbed above $60 a barrel on Tuesday for the first time since 2015. The pipeline, which carries crude to Libya’s biggest export terminal, is said to need about a week for repairs. The operator of the critical Forties Pipeline System in the North Sea lifted all restrictions on flows caused by a crack earlier this month. Libya’s production dropped to 950,000 barrels a day on Wednesday, a person directly involved in the matter said. Output was 1.08 million barrels a day as of Dec. 18, indicating a decline of 12 percent. Loadings at Es Sider port are said to be down about 50 percent. The port was scheduled to ship 13 cargoes this month, each carrying 600,000 barrels of crude, according to a loading plan obtained by Bloomberg. Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.777297; American Dollar to Chinese Yuan = 0.149831; American Dollar to Euro = 1.056617; American Dollar to Japanese Yen = 0.007659; American Dollar to Mexican Peso = 0.049546.

Oil prices rose on Monday as OPEC reported that the global oil glut has been virtually eliminated, while U.S. crude’s discount to global benchmark Brent widened to more than $7, its deepest in five months. U.S. shale production is expected to hit a record 7.18 million barrels per day (bpd), the Energy Information Administration said. The production growth may be far from over, contributing to U.S. crude’s discount to Brent, analysts said.