NEO gas prices increase another nickel

For the second consecutive week, Northeast Ohio gas prices have increased five cents. The average price for a gallon of self-serve, regular unleaded gasoline is $2.653 at the pump.

According to AAA’s Fuel Gauge, oil prices settled Monday at $75.12, up $1.34. Traders were bolstered by reports of April’s stronger than expected industrial output from Europe which stoked market optimism and raised the possibility for an increase in global fuel demand.

The markets got a sneak peak at Europe’s potential last week with news that German manufacturing orders and exports had grown substantially in April.