Although transportation markets display signs of stabilizing, the construction markets are anticipated to finish out the year on a positive note.

The U.S. continues to lead the world in oil production, helping alleviate concerns about tension in the Middle East, once the epicenter of the oil market. In August 2019, monthly U.S. oil production reached a record high of 12,375 thousand barrels per day, more than double America’s production level from a decade ago.

Over the past decade, West Texas Intermediate (WTI) crude, the U.S.’s crude oil benchmark, has generally traded at prices well below Brent crude, the crude oil benchmark for much of the world. However, as of August 2019, the WTI-Brent spread was $3.15, the tightest it’s been in over a year. Despite the shrinking spread, as well as a decrease in China’s purchases of U.S. oil due to the countries’ ongoing trade dispute, the U.S. continues to export near-record amounts of oil.