Diesel prices fall for third week in a row

Diesel prices fell for the third straight week, with the average price per gallon down 1.3 cents to $2.485 per gallon, according to the Department of Energy’s Energy Information Administration (EIA).

This represents a $1.138 annual decline compared to the same week a year ago, as well as the lowest weekly average price going back to the week of September 28, when it was $2.476 per gallon.

Oil was trading at $46.14 per barrel on the New York Mercantile Exchange yesterday.

The International Energy Agency recently reported 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.