Diesel falls 2.5 cents per gallon, reports EIA

The average price per gallon of diesel gasoline dropped 2.5 cents to $2.531 per gallon, according to the Department of Energy’s Energy Information Administration (EIA).

This comes on the heels of a 6.4 cent decrease last week to $2.492 per gallon, which marks the single highest weekly increase for the average price per gallon of diesel since the week of September 2, 2013, when it rose 6.8 cents from $3.913 to $3.981.

Compared to the same week a year ago, the average price per gallon of diesel of down $1.125.

Oil was trading at $45.89 per barrel on the New York Mercantile Exchange late yesterday.

The International Energy Agency reported last week that oil markets are expected to stay oversupplied into next year as oil demand growth slows down amid an expected return of Iranian oil, the report said. The IEA said it reduced its demand forecast for oil growth by 200,000 barrels per day, with a new estimate of oil consumption pegged to increase by 1.2 barrel per day in 2016, which is below 2015’s rate of 1.8 barrels per day.