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North Slope oil had stayed above $80 a barrel for five consecutive days, the longest stretch in nearly four years.
On Tuesday, it closed at $84.16, according to the Department of Revenue's latest available price data. In October 2014, North Slope oil stayed above $80 the entire month, eclipsing $90 a barrel for several days. But two months later, it was in the mid-$50 range and part of a continued slide that sent the state into a multi-billion dollar budget deficit. One year ago, oil hovered around the $55 range. Investors say oil prices may be climbing too fast, but fear and uncertainty in the market could keep the pressure on crude futures in the coming weeks.