The U.S. average retail price of diesel rose 1.6 cents to $2.507 as crude prices inched up toward $47 a barrel after Saudi Arabia said it would make additional cuts in its own production.

Oil was steady amid mixed signals on U.S. crude inventories, with industry data showing supplies increased last week while government statistics were expected to show a decline.

The U.S. average diesel price has risen a cent to $2.491, the Department of Energy said July 17. The fuel has increased 2.6 cents over three weeks.

U.S. crude producers are still set to pump record amounts of the commodity next year, but less so than previously projected, according to the latest government estimates.

Oil prices declined for the week of July 3, as expanded U.S. drilling activity and added production offset a larger-than-expected drop in stockpiles.