Oil passes, settles above $145 for first time

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By The Associated Press

NEW YORK — Oil prices raced above $145 a barrel for the first time Thursday as traders added to their bets on the commodity ahead of the long holiday weekend.There was little good news for Americans hitting the road for the July Fourth holiday, as gas prices set their own record near $4.10 a gallon.

Light, sweet crude for August delivery surged $1.72 to settle at a record $145.29 on the New York Mercantile Exchange. Earlier in the trading session, the last of the week, the contract rose to $145.85 a barrel, also a new high.

The gains built on a record-shattering rally the previous day, and left prices 3.6 percent higher for the week. Crude has shot up by more than half just since the start of the year and has set trading or closing records in each of the last six trading sessions.

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The price of filling up just keeps going up. Crude oil prices topped $145 a barrel for the first time Thursday while the average nationwide price of regular unleaded gasoline climbed to near $4.10 a gallon (AP file Photo/Amy Sancetta)

The price of filling up just keeps going up. Crude oil prices topped $145 a barrel for the first time Thursday while the average nationwide price of regular unleaded gasoline climbed to near $4.10 a gallon (AP file Photo/Amy Sancetta)

U.S. gas prices resumed their march higher as motorists looked ahead to the three-day break. The average retail price for regular gasoline jumped six-tenths of a penny to $4.098 a gallon, according to AAA, the Oil Prices Information Service and Wright Express.

Thursday’s surge in oil was propelled by a report of lower crude stockpiles in the United States, lingering concerns about conflict with Iran and comments by Saudi Arabia’s oil minister suggesting his country would not boost production.

Prices might have raced even higher Thursday were it not for a sharp gain by the dollar against the euro. The greenback strengthened considerably after the European Central Bank raised interest rates by a quarter point as expected but did not signal additional rate hikes that might further boost the 15-nation euro.

“The strength in crude oil is amazing given the price of the euro,” said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.