Crude oil prices pushed upward in overnight trading, reaching a record $126.13 per barrel on the New York Mercantile Exchange Friday morning.

Oil as a class has performed better this year than equities and bonds, and continues to encourage investors to pile money into oil and stay in oil, investment analyst Victor Shum told The Wall Street Journal.

Oil prices jumped $2.01 per barrel overnight.

Heating oil prices rose 0.0414 cents to $3.6638 per gallon Friday. Reformulated blendstock gasoline prices rose 0.0506 cents to $3.2165 per gallon. The price of natural gas also rose 0.101 cents to $11.50 per million British thermal units.

At the pump, the national average price for a gallon of unleaded regular gasoline climbed to a record $3.787 per gallon, up from Thursday's $3.776 per gallon, AAA reported.

Copyright 2008 by United Press International


Publication date: 16 May 2008   

Source: UPI-1-20080516-08192700-bc-us-energyprices.xml

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