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Oil traded near the highest since July last year amid optimism OPEC and 11 other producing nations will cut output as promised, helping eliminate a global supply glut.

The U.S. average retail price of diesel jumped 1.3 cents to $2.54 a gallon, according to the Department of Energy, as the price of oil rose past $52 a barrel as plans to cut production gelled.

Oil extended its advance as industry data showed U.S. crude stockpiles declined last week.

The U.S. average retail price of diesel jumped 3.4 cents to $2.527 a gallon, according to the Department of Energy, as the price of oil hovered near $52 a barrel.

The U.S. average retail price of diesel rose 1.3 cents to $2.493 a gallon, according to the Department of Energy, as the price of crude oil reached its highest level in about 17 months as producers added to earlier announced production cuts.

Truckload carrier U.S. Xpress Inc. formally announced its plans Dec. 8 to be an early adopter of the recently unveiled zero-emission, hydrogen-electric Class 8 Nikola One truck from Nikola Motor Co.

In launching the Nikola One with a splashy Hollywood-type production in front of a live audience in Salt Lake City, Trevor Milton has let it be known that building a hydrogen-electric, zero emissions, over-the-road Class 8 truck is just part of his plan to revolutionize the trucking industry.

Among the advantages Nikola Motor Co. touted when it unveiled the industry’s first Class 8 electric truck running on a hydrogen fuel cell and battery pack was the ability to significantly reduce fleet maintenance expenses.

SALT LAKE CITY — Preparations are underway for the 2020 delivery of Nikola One, the hydrogen-electric Class 8 produced by Nikola Motor Co.

Chattanooga, Tennessee’s biggest trucking carrier is going electric, at least with some of its fleet, in the next three to five years.