AAA Daily Fuel Gauge Report for Friday, 2/16/24

American Dollar to Canadian Dollar = 0.786976; American Dollar to Chinese Yuan = 0.157312; American Dollar to Euro = 1.139579; American Dollar to Japanese Yen = 0.008627; American Dollar to Mexican Peso = 0.048922.

Futures fell 2.5 percent in New York. China’s oil refining dropped the most in three years in July, while crude output retreated from the highest this year. Libya’s biggest oil field, Sharara, cut output by more than 30 percent because of security threats, a person familiar with the matter said. Meanwhile, the dollar strengthened, eroding the lure of commodities as a store of value. "We’re seeing some strength in the dollar, and the preponderance of news seems to be favoring the bears right now," Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, said by telephone. "If you look at the China data this morning, when it came to the China refinery runs being down in July, that’s adding to the perception of slowing demand, and it’s offsetting the concerns about Libyan oil production." Click Read More below for additional detail.

American Dollar to Canadian Dollar = 0.753788; American Dollar to Chinese Yuan = 0.137574; American Dollar to Euro = 1.086280; American Dollar to Japanese Yen = 0.006912; American Dollar to Mexican Peso = 0.058565.