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NEW YORK — Oil and gasoline prices hit a high for the year Wednesday despite expectations that OPEC will not cut production again and amid more bad news for automakers.
Benchmark crude for July delivery rose $1 to settle at $63.45 a barrel on the New York Mercantile Exchange. Prices hadn’t been that high since early November.
Retail gasoline prices, which are up 19 percent in the past month, rose 0.9 cents overnight to $2.434 a gallon, according to auto club AAA, Wright Express and the Oil Price Information Service. In Denver, prices rose slightly to $2.345 Wednesday.
