Oil prices ticked up 19 cents Monday to finish at $89.38 per barrel on the New York Mercantile Exchange—the highest close for crude since Oct., 2008.
Cold weather in the Northeast has led to high demand for heating oil, and investors were also spurred by rumblings that the Federal Reserve may soon prepare a new round of monetary easing aimed at jump-starting the economy—a move that would put further upward pressure on oil.
At the pump, prices have jumped along with crude over the past month—despite consistently low consumer demand for gasoline. In much of the country, prices have risen by more than 30 cents compared to a year ago, with parts of the Northeast experiencing a hike of more than 40 cents.
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