CovenantNews.com

Oil Hits $142 Over Weak Dollar

John Wilen / AP Business Writer:
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 $1.46 at $141.10. On Thursday, the contract shot past $140 and rose more than $5 to a new settlement record.

Posted by Editor at June 27, 2008 02:40 AM