NEO gas prices increase almost a penny

This week, gas prices in Northeast Ohio rose just under a penny a gallon. The average price for a gallon of self-serve, regular unleaded gasoline is currently $3.834.

According to AAA’s Fuel Gauge, with bearish influences weighing on markets, crude oil settled down $2.54 at $107.12 at the close of formal trading on the NYMEX on Monday.

Unrest in the Middle East and Northern Africa, and the associated concern of future supply disruptions, continues to fuel high crude prices.

Violence persists in Libya between rebel forces supported by NATO-coordinated airstrikes and those loyal to embattled Libyan leader Muammar Qaddafi while protests continue in Syria and Yemen.

This heavily reported instability in the important oil-producing MENA region, with no resolution imminent, has led investors to bet heavily that an investment in crude oil will be a profitable one as oil prices move higher, according the AAA.