Oil prices, gas at the pump rise to new records
Oil prices rose to a new settlement high after a bumpy day of trading, and gas prices at the pump climbed nearly 3 cents overnight to a new national record.
Light, sweet crude for June delivery rose 16 cents to reach a settlement record of $123.69 a barrel on the New York Mercantile Exchange after trading lower for much of the day, and not surpassing the previous day’s trading record of $123.93.
Retail gasoline prices rose 2.7 cents to a record $3.645, according to a survey of stations by AAA and the Oil Price Information Service. Diesel prices also rose, adding 0.9 cent to match a record national average of $4.251 a gallon.
In other Nymex trading, June gasoline futures rose 1.96 cents to settle at a record $3.1378 a gallon after earlier rising to a trading record of $3.14, and June heating oil futures rose 6.25 cents to settle at a record $3.5098 a gallon after earlier reaching a trading record of $3.5152. Natural gas futures fell 6.4 cents to settle at $11.263 per 1,000 cubic feet.
