More oil price records fall

More oil price records fall

Crude oil prices climbed to within a penny of $114 a barrel, setting new records as concerns mounted about global supplies.

Light, sweet crude for May delivery rose as high as $113.99 a barrel for the first time on the New York Mercantile Exchange before settling at $113.79, up $2.03 from Monday’s record settlement price of $111.76 a barrel.

Traders apparently focused on a report from the International Energy Agency that said Russian oil production dropped this year for the first time in a decade. The report raised concerns about meeting growing global demand.

In other Nymex trading, heating oil futures surged by 7.1 cents to settle at $3.2739 gallon, while natural gas futures spiked by 15.9 cents to $10.212 per 1,000 cubic feet.

In London, May Brent crude rose $1.70 to $111.54 on the ICE Futures exchange.

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