An energy analyst says momentum has built up to "cause a wave of buying." Oil prices surged to a record midday high of just under 71
dollars a barrel in Asian trading on the New York Mercantile Exchange before easing back. Brent Crude hit a record in Europe.
In Asia, crude oil prices rose briefly to 70-dollars-88-cents a barrel, breaking the record of 70-85 set just after Hurricane Katrina hit last August.
Light, sweet crude for May delivery eventually settled back to 70-dollars-75-cents a barrel, up 35 cents from yesterday.
Meanwhile, Brent crude for June delivery at London's ICE Futures exchange was 69 cents higher at 72-dollars-15-cents a barrel, setting a fresh all-time high.
Analysts say oil prices are likely to climb further as long as geopolitical risks in Iran and Nigeria pose threats to supply at a time when global demand remains strong and supplies remain tight.
Meantime, the price at the gas pump has soared by about a ten cents a gallon in just a week. It's up more than 54 cents from the same time last year.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.