Price of Oil Ends Day at Record High

The price of oil ended trading at a record high of $100.01 per barrel on Tuesday. Analysts say supply fears helped push prices up. If the prices stay above $100, companies and consumers could face higher costs.

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STEVEN INSKEEP, host:

NPR's business news starts with the one barrel of oil you can buy for $100.

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INSKEEP: And let's be precise. The price of oil ended trading yesterday at $100.01 per barrel. Oil has jumped above $100 during trading in the last few months, but never ended the day quite so high. Analysts say - that's the guy we keep quoting on this program - analysts say supply fears helped push prices to the record. Investors have also been shifting dollars from financial markets into commodities.

Now, if oil prices were to stay above $100, companies and consumers could face higher costs. At the moment, though, we can tell you that in overseas trading oil prices have slipped back below $100 per barrel.

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