crude oil News Updates

A growing U.S. economy sparked a jump in fuel demand from companies and travelers in June, which may help to ease a persistent supply glut.

The U.S. average retail price of diesel rose 1.6 cents to $2.507 as crude climbed later in the week of July 24 to its highest price in nearly two months and Saudi Arabia announced it would make additional cuts in oil production, experts said.

Oil extended gains from the highest close in seven weeks as industry data showed U.S. crude stockpiles plunged, easing a glut.

The U.S. average retail price of diesel rose 1.6 cents to $2.507 as crude prices inched up toward $47 a barrel after Saudi Arabia said it would make additional cuts in its own production.

Oil was steady amid mixed signals on U.S. crude inventories, with industry data showing supplies increased last week while government statistics were expected to show a decline.

The U.S. average diesel price has risen a cent to $2.491, the Department of Energy said July 17. The fuel has increased 2.6 cents over three weeks.

U.S. crude producers are still set to pump record amounts of the commodity next year, but less so than previously projected, according to the latest government estimates.

Oil prices declined for the week of July 3, as expanded U.S. drilling activity and added production offset a larger-than-expected drop in stockpiles.

The Energy Information Administration said domestic output of crude oil will climb to a record 9.96 million barrels a day in 2018, up from 9.9 million barrels projected last month, according to the agency’s monthly Short-Term Energy Outlook released May 9.

The year 2017 started off with a bang for American oil companies as total crude and petroleum products exports rose to a record 5.69 million barrels a day in January, government data show.