Diesel Falls 1.9¢ to $3.220 as Mideast Jitters, Strong Dollar Seesaw Price of Oil

July 24th, 2018


Category: Transportation

(Transport Topics) – The U.S. average retail price of diesel fell 1.9 cents to $3.220 a gallon while crude prices slipped, according to the weekly report from the U.S. Department of Energy’s Energy Information Administration.

It was the second straight weekly decline in trucking’s main fuel, which has dropped 2.3 cents a gallon in the period.

Diesel fuel costs 71.3 cents a gallon more than it did a year ago, when the price was $2.507, the Department of Energy said July 23.

Regional averages fell in all areas, and the most by 2.9 cents a gallon in the Midwest, where it was $3.142 a gallon.

The national average price for regular gasoline fell 3.4 cents to $2.831 a gallon, DOE’s Energy Information Administration said. The average is 51.9 cents higher than it was a year ago.

Average gasoline prices fell in all regions.

Crude oil futures trading on the New York Mercantile Exchange closed July 23 at $67.81 per barrel compared with $68.06 on July 16. It was the first decline in a week.

Investors remain concerned that ongoing trade conflicts between the United States and China will damage economic activity and hurt demand. At the same time, President Donald Trump said that there will be unspecified “consequences” if the Islamic Republic threatens the United States, after President Hassan Rouhani warned Trump not to block Iran’s oil exports, Bloomberg News reported.

West Texas crude seesawed as Trump’s warnings to his Iranian counterpart were offset by a strengthening dollar, according to Bloomberg.

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