Crude oil climbs to highest price in nearly 3 years, pushing up gas prices

Crude oil has climbed to its highest price in nearly three years as the pandemic recedes and global demand soars.

Crude oil has climbed to its highest price in nearly three years as the pandemic recedes and global demand soars. U.S. crude oil was $71.50 a barrel on Monday -- its highest price since October 2018 -- and Brent crude oil, the international benchmark, topped $73 a barrel. Crude oil prices have risen steadily since the start of the year as businesses reopen and demand for air and auto travel bounces back. As of Monday, U.S. crude oil is about $23 a barrel more expensive than it was in January. Meanwhile, the national average price of gasoline has also risen for eight consecutive weeks to reach $3.07 a gallon on Monday, according to data from fuel-tracking site GasBuddy. This national average price is 98 cents higher than a year ago and 3.7 cents higher than a month ago.