Oil prices spill over US$80 again
NEW YORK, United States
Oil prices rose close to US$81 a barrel on Tuesday, climbing at a time of the year when crude and gasoline prices typically move higher.
Benchmark crude for April delivery rose 98 cents to settle at US$79.68 a barrel on the New York Mercantile Exchange. It went as high as US$80.95 earlier in the day.
Wholesale gasoline prices also increased. The April contract gained 4.10 cents to settle at US$2.1966 per gallon on the Nymex.
Oil prices have been drifting between US$70 and US$80 a barrel for most of the last eight months as crude demand remains weak in the US and other industrial countries coming out of the Great Recession.
Prices often move higher in March as US refiners switch to producing more expensive blends of gasoline to meet tougher pollution standards in effect for the spring and summer driving season between April and September.
