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Crude oil just under $114; gasoline also at a record

NEW YORK -- Crude oil prices rose to within a penny of $114 a barrel Tuesday, setting a new record as concerns mounted about global supplies, according to the Associated Press.

U.S. retail gasoline and diesel prices also struck new highs.

Light, sweet crude for May delivery rose as high as $113.99 a barrel on the New York Mercantile Exchange before backing off to $113.75, up $1.99 from Monday's record settlement price of $111.76 a barrel.

Meanwhile, retail gasoline prices rose to a new average national record of $3.386, according to AAA and the Oil Price Information Service. Prices were highest in California, where mid-range and higher grades are now averaging more than $4 a gallon.

Posted by Peter C. T. Elsworth  at 2:56 PM to Crude oil market , Gas prices | Permalink

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