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NEW YORK — Gas prices rose further into record territory Monday, pulled by resurgent oil futures and a growing belief that supplies are falling as summer approaches.
Oil futures jumped nearly $3 to more than $109 a barrel as traders bet the Federal Reserve will continue cutting interest rates. OPEC comments suggesting no production increases also boosted prices.
The national average price of a gallon of gas jumped 3.6 cents over the weekend to a record $3.339, according to AAA and the Oil Price Information Service. In New York Mercantile Exchange trading, May gasoline futures rose 2.68 cents to $2.7835 a gallon.
