Oil Closes at Record $100.88 a Barrel
Inflation Concerns Drive Prices
Oil closed at a record $100.88 a barrel Tuesday, topping last week’s first close of more than $100, Bloomberg reported.
Crude oil futures rose $1.65 from Monday on the New York Mercantile Exchange, Bloomberg reported.
The gain was driven in part by economic data that showed declining consumer confidence, falling housing prices, and rising producer prices, which prompted some large investors to flock to oil as a hedge against inflation, Bloomberg said.
Oil is now about 64% higher the same time last year, Bloomberg reported.
The oil came one day after the Energy Department reported that diesel fuel reached a new all-time high of $3.552 a gallon.
