Oil prices rose one-time $92 a barrel on Monday to a 26-month high, as the restored year began with the view of still higher strength prices to come. Benchmark lubricant for February distribution rose as steep as $92.66 a barrel, $1.28 above Friday's conclusion price, in trading on the New York Mercantile Exchange.
It gave up most of those gains to clear 17 cents higher at $91.55 on Monday. The termination epoch lubricator settled above $92 a barrel was on Oct. 3, 2008, when it reached $93.88. At the pump, the popular mean for customary gasoline was $3.07 a gallon on Monday, according to the Energy Department's Energy Information Administration.
That's about 41 cents higher than a year ago. Drivers in Los Angeles, Chicago and New York prove profitable some of the highest prices in the country, ranging from $3.33 to $3.16 a gallon. The cheapest gas in significant cities is found in Denver ($2.81), Houston ($2.88) and Boston ($3.01). Oil has been gaining range on supposition that the universal succinctness will keep to multiply in 2011.
Many analysts watch the consequence for unguent to get at least $100 a barrel this year, which will medium higher prices not only for gasoline, but for diesel and heating lubricate as well. A $10-per-barrel heighten in the fee of grease will charge consumers an additional $200 million a hour for all drive products, Cameron Hanover dash analyst Peter Beutel said. That means less spinach to dish out on other things, such as clothes and electronics.
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