Diesel Average Jumps 3.6¢ to $2.481
The U.S. average retail price of diesel climbed again, rising 3.6 cents to $2.481 a gallon, according to the Department of Energy, amid signs crude production in some countries was on the rise.
Diesel has jumped nearly 10 cents a gallon since the beginning of the month, when it was $2.389 on Oct. 3.
The average price rose in all regions.
The national average is 5 cents cheaper than it was a year ago, when the price was $2.531, DOE said after its Oct. 17 survey of fueling stations.
Prices compared with a year earlier were higher in the West Coast and Gulf Coast regions, and lower elsewhere, year-over-year.
The U.S. regular gasoline average price fell 1.5 cents to $2.257 a gallon, 2 cents cheaper than a year ago, DOE’s Energy Information Administration reported.
Prices were mixed on the regional level, with some falling and others rising, EIA said.
Meanwhile, oil fell to a one-week low as OPEC members added supply and U.S. producers increased drilling, threatening to compound a global surplus, Bloomberg News reported Oct. 17.
Crude oil futures on the New York Mercantile Exchange closed Oct. 17 at $49.94 per barrel, after closing Oct. 14 at $50.35.
Futures dropped 0.8% in New York, Bloomberg said.
Libyan output expanded to 560,000 barrels a day, according to the National Oil Corp., up from 540,000 last week. Iran repeated plans to boost production to 4 million barrels a day.
Nigeria aims to raise output by 400,000 barrels a day to 2.2 million, Oil Minister Emmanuel Ibe Kachikwu said in New Delhi. Rigs targeting crude in the United States rose for a seventh week to the highest since February, according to Baker Hughes Inc. and reported by Bloomberg.
U.S. average #Diesel fuel price on 10/17/16 = $2.481/gallon, UP $0.036/gallon from week ago https://t.co/JYsiW5mFf8 #truckers — EIA (@EIAgov) October 17, 2016
