Diesel prices dropped the most since December 2011 this week, according to the Energy Information Administration's weekly fuel update. The nation's average price dropped by 2.1 cents to $4.127 a gallon. Prices fell for every U.S. region, and Midwest prices dropped the most, by 3.4 cents to $4.021.
Gasoline prices leveled off this week, dropping an average of 0.2 cents to a national average of $3.939 a gallon, but analysts say we'll see higher prices closer to Memorial Day. The Midwest saw the biggest decrease, a 4.5-cent drop to $3.860 a gallon.
Benchmark crude dropped 4 cents to $102.79 a barrel and Brent crude lost $2.72 to $118.49 in London. Analysts say the decline is due to easing tensions after a meeting in Istanbul this week over Iran's nuclear program. Although the meeting didn't result in a concrete agreement, analysts say that as long as negotiations continue, there is a reduced chance of fighting in the Persian Gulf.
Click here for the Energy Information Administration's weekly fuel update.