Oil Rushes to Historic High

Oil Rushes to Historic High

Oil prices shot up more than $10 to a new record above $139 after a major investment bank predicted a spike to $150 in the coming weeks and rising tensions in the Middle East left investors uneasy about supply.

The meteoric surge built on a price jump Thursday and capped oil’s biggest two-day gain in the history of the New York Mercantile Exchange.

Light, sweet crude for July delivery jumped as high as $139.12 on the Nymex, before easing slightly to settle at $138.54, up $10.75. Prices hit a previous record of $135.09 a barrel on May 22, and settled Thursday at $127.79.

In other Nymex trading, heating oil futures rose 29.32 cents to settle at $3.940 a gallon, while gasoline prices rose 21.35 cents to settle at $3.5480 a gallon.

Natural gas gained 17.4 cents to settle at $12.693 per 1,000 cubic feet.

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