The average price of diesel fuel increased last week, pushed upward by a rebounding crude oil market, according to the latest Energy Department numbers.
The price of on-highway diesel fuel rose by 2 cents last week, increasing to an average of $2.119 per gallon. The price is still 74.5 cents cheaper than it was 12 months ago in the same week.
Prices were not quite as volatile as last week, but there were still increases in all major regions in the U.S., with the largest jump occurring in the Rocky Mountain region at 5.7 cents. The smallest change was an almost imperceptible 0.1-cent increase along the Gulf Coast.
Gas prices also moved up last week, increasing by 4.6 cents on average and hitting $2.007 per gallon. The price is 45 cents cheaper than it was in the same week a year ago.
The largest increase in prices was on the West Coast with an 8.6-cent jump for the week. The smallest change in prices was a 1-cent increase in the Midwest.
The crude oil market remains unstable, as prices climbed on Monday, making up for many of the losses it had at the end of the previous week, according to a MarketWatch report.
The market is reacting to reports that show a decline in global oil production, particularly in North America, Brazil and OPEC. However, there is still uncertainty whether or not all countries are on board with a production draw-down, including reports last week that Iran was planning to increase production significantly.
Originally posted on Trucking Info