Confidence buoys market: Gas prices surge as Dow, crude rise
5/27/2009
Oil prices hit a new high for the year and gasoline jumped a dime a gallon locally Tuesday as the stock market responded to a rise in consumer confidence.
Benchmark crude for July delivery gained 78 cents to settle at $62.45 on the New York Mercantile Exchange, the highest close since oil hit $62.98 on Nov. 14, according to Bloomberg data.
Meanwhile, many retailers in Tulsa raised the cost of a gallon of regular unleaded from $2.15 to $2.25, the most expensive local price since fuel hit $2.29 on Oct. 25.