SOUTH PORTLAND, Maine — The latest report from fleet fuel card provider Wright Express shows that oil prices spiked higher in the first two trading sessions of 2012 as investment money, combined with issues in the Persian Gulf, worried traders. WTI crude hit nine-month highs around $103 per barrel and Brent traded briefly for $114 per barrel.

Gasoline prices increased unevenly nationwide. California wholesale prices even lowered to about $2.80 per gallon due to reports of imminent imports. Diesel prices jumped 12 to 18 cents a gallon higher due to the loss of some European production and robust exports. Wholesale diesel cost above $3 per gallon in nearly every part of the country and diesel prices on the street should see a more notable increase to match wholesale moves.

Experts expect the “spring run up” of prices to begin by late February and are calling for new records to be set between April 1 and May 5.

For the full report, please read the article on Automotive Fleet here.

Source: Automotive Fleet