NEW YORK --- Oil prices rose above $145 a barrel Monday, July 14, the Associated Press reported.

Light, sweet crude for August delivery gained 55 cents to reach $145.63 a barrel on the New York Mercantile Exchange, AP said. Earlier in the day, the contract had dipped as low as $142.49.

On Friday, July 11, the contract had reached a trading record of $147.27 a barrel before closing just down from Thursday's settlement record.

Meanwhile, prices at the pump hit a new U.S. record just a tenth of a cent shy of $4.11 a gallon, according to AAA, the Oil Price Information Service and Wright Express. Retail diesel prices are also at an all-time high at $4.824 a gallon, AP reported.