New York City ? Oil prices hit a new high for the year Thursday and retail gasoline rose above $2 per gallon for the first time since November as investors wagered that there would be a new run on crude stocks.

Benchmark crude for May delivery rose $1.57 to settle at $54.34 a barrel on the New York Mercantile Exchange.

In London, Brent prices rose $1.71 to settle at $53.46 a barrel on the ICE Futures exchange.

Gas prices rose 2.3 cents a gallon overnight to a new national average of $2.009 per gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Pump prices are 10.9 cents higher than a month ago, but $1.252 lower than the same period last year.

Gas prices last hit $2 on Nov. 20.