Oil prices close at new high above $100

NEW YORK – Oil futures surged to close at a new record Tuesday as traders focused on supply concerns and a bullish stock market rather than renewed signs of a shaky U.S. economy.

Crossing the psychologically significant $100 mark once again


“You see additional buying among people who think they’re missing something,” he said. “Any time you move above ($100 a barrel), you’re going to ignite some fresh buying.”

Light, sweet crude for April delivery jumped $1.65 to settle at $100.88 a barrel on the New York Mercantile Exchange. At one point in the session, prices surged as high as $101.15.

AP