(Oil and Gas News) Gas prices jump, but increase could level off; oil falls - The Associated Press

NEW YORK (AP) — Gasoline prices shot up to yet another record at the pump Thursday, while some analysts said the sharp price increases of recent days could soon level off although gas will continue to rise. Retail gas prices have also been following oil futures’ record rally, although prices hasn’t risen as steeply as oil futures. Investors see commodities such as oil as a less effective hedge against inflation when the dollar strengthens, and a stronger greenback makes oil more expensive to investors overseas. June crude futures are trading a few dollars below the record high near $120 hit by May crude futures earlier this week; the expiring contract attracted buying from investors scrambling to square bets. read more

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