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Oil slumped more than 5% to the lowest close this year after government data showed production cuts from OPEC and other producers have not been enough to reduce U.S. supplies.

The U.S. average retail price of diesel rose 0.2 cent to $2.579 a gallon as crude oil prices remained near $53 a barrel and U.S. production advanced amid other cuts in global production.

Demand for gasoline in the United States, which accounts for one-tenth of global oil consumption, is expected to peak next year as engines become more efficient, WoodMackenzie analysts said.

NASHVILLE, Tenn. — Engine makers, two of whom also build heavy-duty trucks, emphasized the powerful role of telematics in delivering customer support as they announced service-related features.

President Trump intends to revamp the national biofuels program to ease regulations on oil refiners while providing new incentives for ethanol and biodiesel production, people familiar with the plan told Reuters on Feb. 28.

The U.S. average retail price of diesel rose 0.5 cent to $2.577 a gallon, diesel’s third increase after four consecutive weekly declines, the Department of Energy reported Feb. 27.

American Trucking Associations will be a supporter of the new North American Commercial Vehicle Show that debuts in Atlanta on Sept. 25-29.

Crude prices could plunge toward $30 a barrel — a rout of about 40% from current levels — unless OPEC extends production cuts that are propping up the market, ABN Amro Bank NV said.

The U.S. average retail price of diesel rose 0.7 cent to $2.572 a gallon as the stronger bite of OPEC production cuts lifted the price of crude to nearly $54 a barrel, analysts said.

Shale wildcatters pushed ahead on the biggest surge in U.S. oil drilling since 2012 as explorers take advantage of prices above $50 for more than two months.