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				Oil prices reach high
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					Posted: 
					
						Apr 18, 2006 11:01 AM
					
					|
					Last Updated: Mar 27, 2012 09:36 AM
				
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				NEW YORK -- Oil prices continued their record-breaking pace today, edging higher this morning from the $70 US per barrel closing on Monday.

According to various media, oil prices hit a new high of $70.88 today amid growing geopolitical concerns over tensions between the West and Iran as well as supply disruptions in Nigeria. 

Unless there is a significant drop-off in demand, there doesn't seem to be any relief in sight, analysts predict. The price of gasoline could quickly reach $3-plus a gallon. In the Illinois and Minnesota areas diesel already hit $2.86 per gallon today. 

-- with files from Associated Press
			
				
				
			
				
				
			
			
			
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