Oil Tops $127

money.cnn.com — Oil futures settled at a record high, adding to the pressure on holiday drivers as gas and diesel also reached new records. Oil rose 76 cents to $127.05 a barrel on the New York Mercantile Exchange, eclipsing the previous record of $126.29. Americans are now paying an average of $3.79 for a gallon of regular gas, according to a survey by AAA and the Oil Price Information Service. Diesel now costs $4.52 a gallon.

Read Full Article »