Crude Oil Jumps to Two-Month High Near $68 a Barrel
rude oil jumped 87 cents to $67.94 a barrel on the New York Mercantile Exchange Thursday, a two-month high, Bloomberg reported.
The increase was coupled with a doubling of offline refineries from this time last year, due in part to lingering effects of the hurricanes last fall, Bloomberg reported.
Crude hit a record $70.85 a barrel Aug. 30 following Hurricane Katrina’s landfall.
Higher gasoline prices can encourage refiners to buy more light sweet crude, which is the benchmark oil grade, Bloomberg reported.
Retail fuel prices have risen in two of the past three weeks, with diesel rising a total of 7.4 cents to $2.612 and gasoline jumping 22.2 cents to $2.588, according to the Energy Department.
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