Key Currency Exchange Rates for Friday, 12/01/17

Futures in New York are up 3.7 percent this month, even after a 1 percent drop on Monday, following data that showed an increase in U.S. drilling activity. A potential withdrawal in May by U.S. President Donald Trump from a 2015 nuclear deal between world powers and Iran would reimpose sanctions on the Middle Eastern producer and curb its exports. Meanwhile, OPEC is trimming output even after concluding it has cleared 97 percent of the surplus that has weighed on prices. “Obviously the rig count that came on Friday was quite bearish,” says Torbjorn Kjus, chief oil analyst at DNB Bank ASA. “There’s a lot of profit in the books here for the non-commercials. You shouldn’t be surprised if there’s a $5 flush out and some profit taking.” In the U.S., working oil rigs rose by five last week to 825, the highest level since March 2015, according to data from Baker Hughes. Click Read More below for additional information.

The Postal Regulatory Commission (PRC) has approved the temporary price increases for commercial domestic parcel products that USPS proposed last month. Retail prices for parcel products are unaffected. The planned commercial price increases for Priority Mail Express, Priority Mail, First-Class Package Service (FCPS) and Commercial Parcel Select will take effect Oct. 18, 2020 at 12 a.m. Central time and continue until Dec. 27, 2020 at 12 a.m. Central time. After that, prices will revert to 2020 prices. The temporary price adjustments are in response to heightened package volume due to the coronavirus pandemic, as well as expected increases in online shopping during the holidays. Details at: https://www.prc.gov/docs/114/114473/Order5673.pdf

National Average Price for Regular Unleaded Current: $3.390; Month Ago: $3.682; Year Ago: $3.803. National Average Price for Diesel Current: $4.383; Month Ago: $4.506; Year Ago: $5.362.