Oil dips as US output rises, still set for strongest January in five years

National Average Price for Regular Unleaded Current: $3.866; Month Ago: $3.862; Year Ago: $3.698. National Average Price for Diesel Current: $4.549; Month Ago: $4.327; Year Ago: $4.989.

Futures were little changed near $60 a barrel in London, up 2.6 percent for the week. The prince said Thursday that “of course” he wanted to prolong the curbs beyond the end of March 2018. OPEC is considering an exit strategy to avoid flooding the market once the agreement finally expires, people familiar with the talks said this week. Total SA’s Chief Executive Officer Patrick Pouyanne said the imbalance between crude supply and demand is finally dissipating. Brent has gained as speculation mounts the Organization of Petroleum Exporting Countries will agree at its Nov. 30 meeting to extend cuts by its members and allied nations aimed at draining a global glut. Click Read More below for additional information.

Canada’s freight rail network could come to a grinding halt this week, inflicting a huge economic toll after the country’s two largest railroad operators on Sunday issued lockout notices to the Teamsters union that represents nearly 10,000 workers. Failing last-minute deals, both Canadian National Railway and Canadian Pacific Kansas City plan to lock out workers from the early hours of Thursday. It marks the first time that the country has faced a simultaneous labor stoppage at the railroad firms as they normally negotiate their labor agreements in alternate years. The stoppages could cripple the shipment of food grains, beans, potash, coal and timber which form a large part of Canada’s exports, while also impacting shipments ranging from petroleum products to chemicals and cars.