The U.S. average retail price of diesel fell 1.6 cents to $2.776 a gallon, and oil pushed over $50 a barrel amid reports of possible further reductions in supply.

The U.S. average retail price of diesel dipped 0.2 cent to $2.596 as crude oil prices were flat from the week before and failed to clear $48 a barrel amid forecasts U.S. shale oil production will set a record in September, experts said.

The U.S. average diesel price rose 1 cent to $2.491, the Department of Energy said July 17.