November 27, 2017 5:30 PM, EST
Diesel Rises 1.4¢ to $2.926 a Gallon as Oil Climbs
Truck is fueled at the pump Daniel Acker/Bloomberg News

The U.S. average retail price of diesel jumped 1.4 cents to $2.926 a gallon as oil rose above $58 a barrel.

Diesel now costs 50.6 cents more than it did a year ago, when it was $2.42 a gallon, the Department of Energy reported.

Average prices for trucking’s main fuel rose in all regions except California, where the average price dipped 0.2 cent to $3.597 a gallon.

In contrast, the U.S. average price for regular gasoline fell 3.5 cents to $2.533 a gallon and was 37.9 cents higher that it was a year ago, DOE's Energy Information Administration said.

Average gasoline prices fell in all regions.

West Texas Intermediate crude futures on the New York Mercantile Exchange closed at $58.11 on Nov. 27, compared with $56.09 on Nov. 20.

News that Cushing, Okla., crude inventories fell by 2 million barrels the week of Nov. 20 helped spur the rebound.

West Texas crude is transported to and stored at Cushing, making the small city of about 8,000 residents a major hub in oil supply.

“That’s almost the primary reason that we’re so close to $60 in WTI,” Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass., told Bloomberg News.

Also, the weekly U.S. rig count was 923 during the week of Nov. 22, eight rigs more than the week before and 330 more than a year earlier, oil-field services company Baker Hughes Inc. reported.

Houston-based Baker Hughes ranks No. 15 on the Transport Topics Top 100 list of the largest private carriers in North America.