Oil extends its record-shattering streak

Oil futures soared to a record $122.73 a barrel Tuesday, gaining momentum as investors bought following a forecast of much higher prices and on growing worries about potential supply shortages.

Retail gasoline prices edged lower, but appear poised to eclipse their own records in the coming weeks.

A new prediction from Goldman Sachs that oil prices could climb to $150 to $200 within two years seemed to motivate much of the buying Tuesday, although a falling dollar and increasing concerns about declining crude production in Mexico and Russia contributed to oil's gains, analysts said.

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- Posted: 2008-05-07 08:44:32

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