AAA Daily Fuel Gauge Report for Friday, 9/6/24

American Dollar to Canadian Dollar = 0.774435 American Dollar to Chinese Yuan = 0.158177 American Dollar to Euro = 1.235537 American Dollar to Japanese Yen = 0.009508 American Dollar to Mexican Peso = 0.053882

Crude oil prices were mixed in Asia on Monday as the market turned cautious ahead of a key OPEC meeting near the end of the week. U.S. West Texas Intermediate (WTI) crude futures dipped 0.42% to $58.70 a barrel. ICE Brent crude futures, the benchmark for oil prices outside the U.S., rose 0.47% to $63.77 a barrel. This week, market participants will focus on the Organization of Petroleum Exporting Countries highly-anticipated meeting on Thursday to see whether major producers plan to extend their current production-cut agreement. Click Read More below for additional information.

Futures climbed 1.4 percent in New York, paring this week’s loss to 1.5 percent. China’s crude oil imports rebounded from a one-year low to near a record amid signs the nation’s commercial stockpiles shrank by the most in almost eight years. U.S. crude output increased to a record last week, while motor fuel inventories rose more than double analysts’ forecasts, government data showed Wednesday. U.S. crude production expanded for a seventh week to 9.7 million barrels a day, the highest level in weekly data compiled by the Energy Information Administration since 1983. Gasoline inventories rose by 6.78 million barrels last week, the biggest gain since January. Click Read More below for additional information.