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Oil surges back over $100, closes at record

Oil futures surged to close at a new record Tuesday as traders focused on supply concerns and a bullish stock market rather than renewed signs of a shaky U.S. economy.

Crossing the psychologically significant $100 mark once again — oil prices previously crossed that hurdle last week — in itself may have helped fuel the rally by triggering computer programs set to buy at certain levels and enticing new speculators into the market.

“You see additional buying among people who think they’re missing something, “Any time you move above ($100 a barrel), you’re going to ignite some fresh buying.”