The U.S. on-highway diesel average took a hike of 3.2 cents a gallon Monday to $2.571 compared with $2.539 a week ago. The prices were reported Tuesday because of the Memorial Day holiday May 29.
Only in the Energy Information Administration’s (EIA) New England region did the price of diesel slide, and that was only a slight 4 tenths of a cent to $2.622 from $2.626 the week prior.
In the Midwest reporting sector, diesel went up 4.4 cents a gallon to $2.512, followed by a 3.9-cents-per-gallon increase in the Gulf Coast region to $2.423 and a 3.2 cents-per-gallon hike to $2.661 in the Rocky Mountain sector.
The West continues to see higher diesel prices, with California diesel selling for $2.931 and truckers in the EIA’s West Coast reporting region paying $2.843 a gallon.
OPEC extended oil production cuts last week and oil prices tanked then rose slightly, barely making up for last week's steep losses.
Diesel has been on and up-and-down seesaw since March.
Trading was subdued due to public holidays in China, the United States and Britain.
The market remains uncertain about whether the extension of output cuts by OPEC and other oil-producing countries will be enough to support prices, analysts reported.
For diesel prices by region click here.