Oil Gains 18% in October, Diesel Up for Third Straight Week

October 31, 2011

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The national average price of diesel rose 6.7 cents a gallon from last week, while oil prices for October leapt from about $79 to $93 per barrel during the month.

The Department of Energy's weekly fuel price survey, released on Monday, showed diesel prices have risen 17.1 cents to $3.892 a gallon over the past three weeks. Diesel is now more than 82 cents higher than it was this time a year ago -- and is at its highest level for the past three months.

Meanwhile, oil slipped in early trading Monday after its biggest monthly gain in two years. It closed the day in New York at $92.25 a barrel, Bloomberg reported. Previously, oil had hit a recent high of $93.96 last Thursday -- the highest in three months.

Oil's 17.7% jump in October now has analysts eyeing $100 oil by year's end.

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