November 27, 2007 1:00 PM, EST

Diesel Rises 3.4¢ to $3.444; Sets Another Record

Bloomberg News

The national average price of diesel rose 3.4 cents to a new all time record of $3.444 a gallon, the Department of Energy said Monday.

The increase is the third this month for the diesel average, which pulled back slightly last week from the previous record of $3.425, set Nov. 12.

The average price of a gallon of diesel rose in all eight DOE regions, declining only in California, which DOE breaks out separately.

Meanwhile, the national average price of gasoline dipped 0.2 cents to $3.097 a gallon, DOE said.

Crude oil closed at $97.67 a barrel on the New York Mercantile Exchange, down 51 cents from a Friday’s record-high closing price of $99.29 a barrel, Bloomberg News reported.

Oil prices also declined on expectations that the Organization of Petroleum Exporting Countries would raise production targets 1.1% to 31.6 million barrels a day, Bloomberg said.