Crude oil prices reach a new high above $114; gas prices also reach a record at the pump NEW YORK (AP) -- Energy traders rewrote the record books again Tuesday, pushing oil futures past $114 a barrel as gasoline and diesel prices struck new highs of their own at the pump.Crude oil at new high just above $114; gas also at a record: Financial News - Yahoo! FinanceLight, sweet crude for May delivery jumped as high as $114.08 a barrel shortly after regular trading ended on the New York Mercantile Exchange. That is nearly $2 above an intraday high set last week.
Concerns about insufficient global supply, stoked by a high-profile report by the International Energy Agency that said Russian oil production dropped this year for the first time in a decade, was largely responsible for the surge. Oil prices rose as high as $113.99 a barrel during the regular session before settling at $113.79, up $2.03 from Monday's record close of $111.76 a barrel.
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