Oil prices reach a new high for the year

NEW YORK – Oil prices reached a new high for the year during a volatile session Friday, driven by tensions with oil-producing Iran and expectations of continued pressure on U.S. petroleum product supplies

Light, sweet crude for April delivery added 19 cents to settle on the New York Mercantile Exchange at $61.14, its highest closing price since Dec. 22.

Earlier in the session, prices had climbed as high as $61.80, setting a new peak for 2007. They also dipped as low as $60.50 during the afternoon, partly because of profit taking, said Ritterbusch & Associates