The U.S. average retail diesel price fell for the third week in a row, down 2.4 cents a gallon to $2.421, the Department of Energy reported Nov. 30.
Trucking's main fuel is $1.184 a gallon cheaper than a year ago, when the price was $3.605. It remains at its lowest point since June of 2009.
Diesel prices fell in all regions except New England, where it rose three-tenths of a cent to $2.527.
DOE’s Energy Information Administration also said the national average cost of gasoline fell 3.5 cents to $2.059 a gallon as prices decreased in all regions, again, except New England where it rose two-tenths of a cent to $2.15.
Crude oil futures remained below $45 a barrel, closing at $41.71 on Nov. 30, or $29.14 less than on Nov. 28, 2014.
Oil is set to average below $50 for a fourth month, the longest stretch since the global financial crisis, as a record supply glut showed no signs of ending amid a producers’ fight for market share, Bloomberg News said. Iran has said it will announce plans during the Vienna meeting to expand output, a year after Saudi Arabia led an OPEC decision to keep pumping and drive out higher-cost shale rivals.
OPEC is scheduled to meet in Vienna on Dec. 4.
“As the ministers arrive in Vienna, the rhetoric will start to fly," John Kilduff, a partner at Again Capital, a New York-based hedge fund, said by phone. "The market is going to be headline driven and very volatile this week. The bulls are especially desperate and will try to bid up the market on any sign of a cutback.”
