Oil Prices Hit a New High

By: Associated Press
By: Associated Press

Crude oil futures remain above 72 dollars a barrel this morning, after hitting a new high overnight. The latest spurt in crude prices prompted one analyst to exclaim "the market is sizzling."

Crude notched a new record close in New York yesterday.

Market watchers cite data released by the Energy Department yesterday showing a drop in U-S gasoline supplies. That's raising worries that refineries are behind on building their reserves ahead of the summer driving season.

Triple-A says the jump in crude is reflected in rising prices at the pump. It says the national average for regular is two dollars, 82 cents a gallon. That's up two and a-half cents in the past day alone. According to Triple-A, gasoline has risen 60 cents a gallon from a year ago.

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