In The News

Oil Tops $100 Mark

The price of a barrel of crude oil rose to above $100 in mid-day trading on Wednesday. West Texas Intermediate crude for April delivery jumped $2.68, or 2.8 percent, to settle later at $98.10 per barrel on the New York Mercantile Exchange. WTI has soared 18 percent since Valentine's Day.

Earlier in the day, prices hit triple digits for the first time since Oct. 2, 2008, driven by fears about global supplies tied to unrest in Libya.

In London, Brent crude added $5.47, or 5 percent, at $111.25 per barrel on the ICE Futures exchange.

Diesel prices have been rising as a result of the run-up in crude prices. The price of a gallon of diesel fuel is up by 3.9 cents this week, topping $3.57 a gallon, and marking its 12th consecutive weekly increase. In its weekly filling station survey released on Tuesday, the Department of Energy indicated diesel fuel hit a national average price of $3.573 -- its highest national average price since Oct. 2008, when it hit $3.65 a gallon.

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