WTI at new record near $114 per barrel

Crude oil rose to a new record high in New York on Tuesday, touching $113.93 per barrel before pulling back slightly in afternoon trade.

Prices were supported by a generally weak dollar was well as by continued supply disruptions in Nigeria and by news of port closures in Mexico due to bad weather.

May contracts for West Texas Intermediate had added $1.69 to $113.45 per barrel by early afternoon on the New York Mercantile Exchange while Brent crude was up $1.73 to $111.57 per barrel on the ICE Futures Europe exchange in London.

Nymex May gasoline was up 4 cents to $2.86 per gallon at last report, while June heating oil had added 1 cent to $3.16 per gallon and May natural gas had gained 17 cents to $10.23 per million British thermal units.

At-the-pump prices in the United States also rose to new records, with gasoline averaging $3.386 per gallon and diesel up to $4.119 per gallon.

Mid- and high-grade gasoline averaged over $4 per gallon at California pumps.