Diesel prices decline for 3rd straight week

The average price per gallon of diesel gasoline fell 0.7 cents to $2.562 this week, according to data issued by the Department of Energy’s Energy Information Administration (EIA).

This marks the third straight week of declines, following 1.6 and 1.2 cent declines, respectively, over the previous two weeks.

The last three weeks of declines were preceded by gains over the previous six weeks, with the average price per gallon increasing a cumulative 17.7 cents from the week of November 28 to the week of January 9.

The average price per barrel of West Texas Intermediate Crude is at $53.51 on the New York Mercantile Exchange.

A recent Reuters report said that oil prices were steady as news of lower production by OPEC and other key exporters was balanced by reports of more drilling and higher output in the United States. And it added that U.S. oil production has risen by more than 6 percent since mid-2016, though it remains 7 percent below the 2015 peak. It is back to levels reached in late 2014, when strong U.S. crude output contributed to a crash in oil prices.