The price used for fuel surcharges rose for the second week in a row, while oil markets remained stable despite OPEC+ agreeing to a smaller production increase. July’s output was 41.65 million b/d. An Israeli attack on Hamas officials in Qatar had little effect on oil prices. Brent settled at $66.39/b.
The Department of Energy reported a 3.2 cents/gallon rise in the average weekly retail diesel price to $3.766/g. After five weeks of fluctuations, diesel prices are just 0.8 cts/g higher than in mid-July. Despite repeated production increase announcements, OPEC+ output remains steady, with only one significant rise observed.
Global crude benchmark Brent rose 37 cts/b to $66.39/b by the end of trading Tuesday. OPEC+ production increases have not led to a selloff. An Israeli attack on Hamas officials in Qatar had minimal impact on oil prices. Brent’s settlement on September 1 was $69.14/b.
Read more at Yahoo Finance: Benchmark diesel moves up 2nd straight week as futures market yawns
