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Oil traded near a six-week low as industry data showing an increase in U.S. crude stockpiles reaffirmed expectations that global markets will be oversupplied in the first part of the year.

Starting Jan. 1, the vast majority of the world’s ships were forced to change the fuel they use. Some big winners — and potential losers — are starting to emerge from what was a historic switch for the world’s oil refining and maritime industries.

The U.S. average retail price of diesel fell 1.5 cents to $3.064 a gallon, the Department of Energy reported Jan. 13. Oil plunged more than $5 a barrel as fears of war with Iran faded.

Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.

Oil is headed for its biggest weekly loss since July as the prospect of an immediate confrontation between the U.S. and Iran abated, allaying fears of disruption to Middle East energy supplies.

WASHINGTON — U.S. employers downshifted their hiring in December, adding 145,000 jobs as consumer spending appeared to aid gains in the retail and hospitality sectors.

ALLENTOWN, Pa. — Mack Trucks on Jan. 9 unveiled its new LR Electric sanitation truck, a Class 8 vehicle it hopes will populate New York City’s fleet.

President Donald Trump on Jan. 9 proposed rolling back enforcement of a landmark environmental law — reducing federal oversight of many major projects, from pipelines to commercial development — to speed the approval process.

Even as the Trump administration is set to sign phase one of the trade agreement with China, consumers and American businesses continue to feel the impact of the U.S.-China trade war.