Oil Closes at New Record Over $113 a Barrel
Oil prices jumped almost $2 Tuesday from Monday’s record, closing at a new all-time high of $113.79 a barrel, Bloomberg reported.
Crude had risen to as high as $113.99, an intraday record, before receding on the New York Mercantile Exchange following Monday’s closing price of $111.76, which had been a record, Bloomberg said.
The gains were driven by an International Energy Agency report that said Russian oil production fell this year for the first time in a decade, raising concerns about whether that country will have sufficient supply to help meet increasing global demand, the Associated Press reported.
The Department of Energy said Monday that diesel fuel’s national average price topped $4 for the first time, gaining more than a dime to $4.059, while gasoline jumped 5.7 cents to $3.389, also an all-time record.
