Crude oil rose above $108 a barrel in New York to a new record as investors purchased futures because the returns have outpaced those of financial markets.

Crude oil for April delivery rose $2.75, or 2.6 percent, to close at a record $107.90 a barrel at 2:47 p.m. on the New York Mercantile Exchange. Futures surged to $108.21 a barrel today, the highest since trading began in 1983.

Brent crude for April settlement climbed $1.78, or 1.7 percent, to close at a record $104.16 a barrel on London’s ICE Futures Europe exchange. Futures reached a $104.42 a barrel today, an intraday record.

Bloomberg