AAA Daily Fuel Gauge Report for Friday, 7/16/21

Oil rose further above $68 a barrel briefly on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week. The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories. OPEC is cutting output by even more than it promised [OPEC/O] and the restraint is reducing oil stocks globally, a trend most visible in the United States, the world's largest and most transparent oil market. Click Read More below for additional information.

Oil prices fell for a fourth session on Wednesday after the U.S. government reported an unexpected increase in crude and gasoline stockpiles, but an increase in refining runs and a drawdown in distillates helped prices bounce off session lows. Prices also remained under pressure from this week's International Energy Agency (IEA) outlook for slower growth in global crude demand. While the crude build of 1.9 million barrels reported by the Energy Information Administration was more than forecast, it was not as big as the increase of 6.5 million barrels reported on Tuesday by industry group the American Petroleum Institute. The EIA data encouraged buying at session lows. Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.764958; American Dollar to Chinese Yuan = 0.148050; American Dollar to Euro = 1.006420; American Dollar to Japanese Yen = 0.007212; American Dollar to Mexican Peso = 0.048107.