The average price of diesel fuel was up for the second straight week following months of downward movement, according to the latest numbers from the Energy Department.
The price of gallon of on-highway diesel fuel increased 6.4 cents nationally, rising to $2.556. Despite this, the price is still $1.142 below where it was a year ago this time.
Prices were up in every region of the U.S. with the largest increase hitting the Midwest with a 14.2-cent jump. The smallest increase came to New England with an essentially flat 0.2 –cent rise.
Average gasoline prices tracked with diesel prices this week by increasing 1.9 cents to $2.337 per gallon. Prices fluctuated by region with a 5.3-cent increase coming to the Midwest. A few areas actually price drops with the largest decrease gracing the Rocky Mountain region, falling 5.3 cents.
The crude oil market is unstable with prices falling on Tuesday on news of a recently released trade data from China and a monthly report from OPEC, according to a MarketWatch report.
The recent OPEC report forecasted that U.S. oil production would drop next year which may change the direction of the market. However, oil prices have consistently fallen all year, with a high U.S. supply and a weak Chinese economy putting downward pressure on the market.