New York, NY (Marketsblog) – Crude oil hit a new high of $113.93 a barrel on Tuesday on the heels of a weakened dollar and a temporary supply failure in Mexico and Nigeria.
Motor gasoline also set a new record at $3.386 a gallon.
Crude oil for the front-month delivery rallied more than $2 and was most recently at $113.54 a barrel on the New York Mercantile Exchange.
Meanwhile, the AAA Daily Fuel Gauge Report said average retail gasoline in the nation was up to a whopping $3.386.
Stocks on Wall Street were higher on the news of crude on the verge of $114 and optimism in the earnings segment.