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Record single day increase in oil prices

By Agencies

The price of oil jumped $16.37 to $120.92 per barrel today, its biggest single-day gain ever.

At one point during today's wild trading session, the price of crude sold on the New York Mercantile Exchange soared as high as $130 per barrel, a whopping 24 percent increase from Friday's closing price.

Oil had been sliding since reaching its all-time high of $145.29 in July, and that decrease brought drivers some relief from this summer's punishing gasoline prices, which soared above $4 per gallon. But since bottoming out last Tuesday at $91.15 per barrel, oil's price has risen 32 percent.

Stunned analysts blamed Monday's jump on Wall Street's continuing crisis. Investors uncertain about the government's $700 billion financial system bailout plan flocked to oil as a relatively safe haven for their cash.

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Record single day increase in oil prices

The price of oil jumped $16.37 to $120.92 per barrel today, its biggest single-day gain ever.

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