Oil Price Hits Another All-Time High

Oil Spikes Above $118 a Barrel as Supply Concerns Continue

Oil prices rose Tuesday to an all-time high above $118 a barrel on concerns over supplies from some key producers.

Light, sweet crude for May delivery rose as high as $118.05 a barrel in electronic trading on the New York Mercantile Exchange, eclipsing Monday’s all-time high of $117.83.

By midday in Europe, the contract had risen to $117.77, up 29 cents on Monday’s close of $117.48 a barrel. The May contract expires at the end of trading Tuesday.

ABC