Oil reaches $142 on view dollar will keep falling |
| The Associated Press - Jun 27, 2008 |
Oil futures climbed briefly to a new record above $142 a barrel Friday on expectations that the weakening dollar, a major factor in crude's stratospheric rise, will extend its decline and add to oil's appeal.
Retail gas prices inched lower overnight, but are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly 3 weeks.
Light, sweet crude for August delivery rose as high as $142.26 a barrel in premarket electronic trading on the New York Mercantile Exchange before pulling back to trade up $1.19 at $140.83. On Thursday, the contract shot past $140 and rose more than $5 to a new settlement record.
Oil rose Thursday in part on comments by OPEC officials; the organization's president predicted prices will rise further, and a top Libyan oil official suggested his nation may cut production.
Read Full Article from The Associated Press
- Posted: 2008-06-27 11:03:28
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