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Oil trading at record high

TORONTO, Ont. – It’s another big move for oil, Monday.

The price for a barrel of crude is at a two-and-half-year high. At one point it was up by $2 a barrel, trading at $106.57 (U.S.).

With each report of escalating violence in Libya, the price for oil climbs.

While the price for a litre of gasoline in Canada has jumped by eight cents over the past two weeks to $1.23, the price for a gallon of gas in the U.S. has spiked by more than 10 per cent over the same time frame — the second largest price jump in history, to an average of $3.51 per gallon.

To temper the consistent climb, the Obama administration may consider tapping into U.S. oil reserves, which was last activated following Hurricane Katrina in 2005.  

The rising price for oil leading to an increase in other commodities, transportation costs and food prices. Increasing inflationary pressures also sent gold to a record high Monday morning. At one point, it was trading at $1,443 (U.S.) per ounce.

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