Oil topped $112 per barrel for the first time on Wednesday on the New York Mercantile Exchange. It later closed at $110 a barrel.
This comes as the average price of gallon reached the very unlucky price of $3.33 in the Energy Information Agency's weekly price report.
Higher oil costs are expected to continue to increase prices for numerous consumer and industrial goods pushing inflation even higher.
Source : New York Mercantile Exchange
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