Diesel Falls Again; U.S. Crude Up While European Crude Falls
August 22, 2011
On-highway diesel prices fell for the fourth week in a row last week, dropping 2.5 cents nationally to $3.810, according to the Department of Energy. All regions dipped below $4 per gallon.
New England remained the most expensive region for the second week in a row at $3.994. The Gulf Coast was once again the cheapest at $3.772. Prices nationally are still 85.3 cents more expensive than this time last year.
U.S. benchmark crude oil was up at market close on Monday following a rally in U.S. equities markets. The most actively traded October contract traded up 2.4% to $84.42 per barrel.
Brent crude on European markets, meanwhile, dropped 0.3% to $108.26, but fell to $105.15 interday. The fall coincides with huge gains made by rebels fighting against the Gaddafi regime in Libya. As the civil war appears to be drawing to a close, traders expect that Libya will resume oil production at full capacity. Before the war, the country exported 1.3 million barrels per day of high-quality crude.