Diesel Rises 3.2¢ to $2.571 a Gallon
The U.S. average retail price of diesel rose 3.2 cents to $2.571 a gallon, the first rise in six weeks, the Department of Energy said May 30.
The price increased in every region expect New England ,where it dipped 0.4 cent. Trucking's main fuel costs 18.9 cents more than it did a year ago, DOE said.
Diesel increased the most in the Midwest, rising 4.4 cents, followed by a 3.9-cent increase in the Gulf Coast, DOE’s Energy Information Administration said. The fuel rose only 1 cent in the West Coast minus California region.
The U.S. average price for regular gasoline rose 0.7 cents to $2.406 a gallon. The cost is 6.7 cents higher than it was a year ago, the Energy Information Administration said.
Gasoline prices rose in every region but the Midwest area where it dipped 1.4 cents, EIA said.
Meanwhile, the price of oil fell as the market awaits stronger signs that OPEC-led production curbs, extended at a meeting last week, are having an effect, Bloomberg News reported.
OPEC and Russia’s deal to extend output limits through March was met with a sell-off as it didn’t include deeper cuts, a plan for the rest of 2018 or a new ally. Saudi Arabia’s energy minister, Khalid Al-Falih, who sought to reassure markets last week saying stockpiles will drop faster in the third quarter, met Russian Energy Minister Alexander Novak in Moscow on May 30 to discuss cooperation between the world’s two top oil exporters.
Oil has traded below $50 a barrel since the Organization of Petroleum Exporting Countries meeting in Vienna as investors turn their attention to the supply glut in the United States., the world’s biggest crude consumer.
While American inventories have dropped for seven weeks in a sign OPEC’s plan may be working, they remain stubbornly above the five-year average. Saudi Arabia plans to reduce exports to the United States to speed up that decline.
West Texas Intermediate for July delivery settled 14 cents lower at $49.66 a barrel on the New York Mercantile Exchange on May 30. There was no settlement May 29 because of the Memorial Day holiday.
