WASHINGTON, DC- The average cost of diesel has fallen for the first time in a month as the price of crude oil is down dramatically, according to the latest weekly report from the U.S. Energy Department.
In the U.S., diesel fuel is down 2.7 cents from last week, hitting $2.917 per gallon, following five straight weekly increases where it collectively gained 16.3 cents. Compared to this week a year ago the price is $1.086 less.
The average cost of regular-grade gasoline also fell over the past week, giving up 3.4 cents, hitting $2.453 per gallon. Compared to a year ago the price is $1.094 less.
Meantime, the price of oil on Monday fell in trading in New York, settling at $43.88 per barrel, after being as low as $42.85 earlier in the day, its lowest level since March 2009.
It lost 96 cents for the day, following signs of higher crude output by the U.S. and Libya and the possibility a deal on Iran’s nuclear program could be worked out with western nations and the easing of sanctions, allowing for more of its oil on the world market.
Last month oil prices rallied slightly following the more that 50 percent drop from last summer, but it was short-lived. Since last Tuesday’s closing, price oil in New York is down more than $6 per barrel.
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