Oil prices reach high
NEW YORK — Oil prices continued their record-breaking pace today, edging higher this morning from the $70 US per barrel closing on Monday.
According to various media, oil prices hit a new high of $70.88 today amid growing geopolitical concerns over tensions between the West and Iran as well as supply disruptions in Nigeria.
Unless there is a significant drop-off in demand, there doesn’t seem to be any relief in sight, analysts predict. The price of gasoline could quickly reach $3-plus a gallon. In the Illinois and Minnesota areas diesel already hit $2.86 per gallon today.
— with files from Associated Press
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