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Diesel Dips 0.3¢ to $3.223

Gasoline Rises 0.6¢ to $2.852 Per Gallon

The U.S. average retail price of diesel inched down 0.3 cent to $3.223 a gallon, while crude oil prices were lower despite ongoing tensions over trade and the Middle East.

Diesel fuel costs 64.2 cents a gallon more than it did a year ago, when the price was $2.581, the Department of Energy said Aug. 6.

Averages fell in all regions except the Central Atlantic, where it rose by 0.3 cent to $3.393 a gallon, and in the Rocky Mountain area, where it was unchanged at $3.361.

The national average price for regular gasoline rose 0.6 cent to $2.852 a gallon, DOE’s Energy Information Administration said. The average is 47.4 cents higher than it was a year ago. Average gasoline prices fell in the Gulf Coast and West Coast regions but rose elsewhere.

Crude oil futures trading on the New York Mercantile Exchange closed Aug. 6 at $69.26 per barrel compared with $70.13 on July 30.

“The Saudis are sending clear signals on their desired price range,” Mike Wittner, head of oil market research at Societe Generale SA, told Bloomberg News. “When the concern was prices getting too low, they unexpectedly trimmed output.”

Saudi Arabia — the world’s largest exporter of crude oil — curbed output last month, according to OPEC delegates, following signs that the kingdom couldn’t find enough buyers to justify elevated rates of production.

The fear is China friction related to higher tariffs will slow global economic growth and reduce fuel demand.

Article Courtesy of Transport Topics

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