Just in time for the start of the summer driving season: Oil near $130 a barrel and gas getting closer to an average of $4 a gallon.
Crude prices spiked to yet another trading high Tuesday as supply concerns mounted. At filling stations across the country, the national average price for a gallon of regular gasoline touched $3.80 for the first time, having followed oil’s spectacular rise.
The June contract for light, sweet crude traded as high as $129.60 on the New York Mercantile Exchange before settling at $129.07, up $2.02 from Monday’s record high. The expiration of that contract, which ended with the close of Tuesday’s trading, created additional volatility as traders scrambled to lock in positions.
It was the 10th time in the last 12 sessions crude prices have hit trading or closing records, if not both.
The July contract, meanwhile, hit its own new high, trading up to $129.29. It will become what traders call the front-month contract on Wednesday.
Filed under: Business | Tagged: Business, CBOT, commodities, depression, Federal Reserve, gas, gasoline, gold, oil, OPEC, petroleum, silver
