The average price of on-highway diesel moved a little lower this week, following six consecutive weekly increases, according to the U.S. Energy Department.
The 0.5 cent decline puts it at $2.909 per gallon. Compared to this week a year ago the price is $1.009 less.
The drop follows a string of increases that took it from $2.754 on April 13 to $2.914 on May 25, which was the highest price in a little more than two months.
In the different parts of the country, diesel increased over the past week 0.4 cent in the Midwest and 0.5 cent in the Rocky Mountain regions for prices of $2.804 and $2.835, respectively, while it fell in all other sections.
The declines ranged from 0.4 cent in the Gulf Coast region for an average of $2.799, also the least expensive regional price in the country, to 1.9 cents in the Central Atlantic states for an average of $3.143, the second most expensive regional price.
The highest region price is along the West Coast states at $3.163, down 1.1 cent from last week.
Meantime, the average price of regular grade gasoline moved higher for the seventh straight week and hitting its highest level since last November. Over the past seven weeks it has increased a little more than 37 cents.
It increased 0.6 cent to $2.78 per gallon but is 91 cents less than the same time a year earlier.
Prices increased in all regions except for 0.3 cent in Gulf Coast, the least expensive part of the country at $2.483 and 4.3 cents along the West Coast, the most expensive regional price at $3.444
This happened as oil moved little in New York trading on Monday, settling down just 10 cents at $60.20 per barrel and only 15 cents higher than last Tuesday’s opening market price.
The black gold has recovered about 50% of its price since falling to multi-year lows earlier this year, but is still down when compared to more than $100 per barrel prices last year. Monday’s decline was due to the U.S. dollar gaining in value against foreign currencies, following generally positive economic news.
The oil market is now looking ahead toward the end of the week when members of the OPEC oil cartel are set to met in Vienna in which they are expected to keep crude production levels unchanged as U.S. output also remains high.
Originally posted on Trucking Info