Key Currency Exchange Rates for Friday, 10/29/21

The spread between Brent crude oil futures contracts and U.S. WTI stood at its widest for three years on Friday with the latter set for a second consecutive week of declines as U.S. oil output comes close to matching that of top producer Russia. The premium has doubled to more than $11 a barrel in about a month as a lack of pipeline capacity in the United States traps much of the output inland. U.S. crude production has been rising to record levels since late last year. In March, it jumped 215,000 barrels per day (bpd) to 10.47 million bpd, a new monthly record, the Energy Information Administration said on Thursday. Click Read More below for additional information.

National Average Price for Regular – Current: $2.568; Month Ago: $2.378; Year Ago: $2.209. National Average Price for Diesel – Current: $2.729; Month Ago: $2.541; Year Ago: $2.354.

Futures rose 0.8 percent after advancing 0.6 percent on Monday, rebounding from a weekly loss. Crude stockpiles probably slid by 750,000 barrels last week, a Bloomberg survey showed before an Energy Information Administration report due Thursday. Oil last week fell the most since May on speculation rising global output may offset supply curbs led by members of the Organization of Petroleum Exporting Countries. The output-cuts deal is set to expire at the end of March and the group is likely to discuss an extension at its next meeting on Nov. 30. Its de facto leader, Saudi Arabia, said state oil company Saudi Aramco will ship 560,000 barrels a day less than customers are requesting in November. Saudi Aramco plans to supply 7.15 million barrels a day “despite very strong demand” that exceeds 7.7 million barrels a day, the Saudi Energy Ministry said in a statement. Click Read More below for more of the story.