| Oil hits near 140d barrel on weak dollar { May 2008 } Original Source Link: (May no longer be active) http://biz.yahoo.com/ap/080616/oil_prices.htmlhttp://biz.yahoo.com/ap/080616/oil_prices.html
AP Oil hits record near $140 a barrel on dollar Monday June 16, 9:07 am ET By John Wilen, AP Business Writer Oil futures shoot to a new record near $140 a barrel as the dollar falls
NEW YORK (AP) -- Oil futures are hitting a new milestone near $140 a barrel, a dramatic surge analysts attributed to the weakening dollar.
Light, sweet crude for July delivery rose to a trading record of $139.89 a barrel Monday, but retreated slightly to trade up $4 at $138.86 a barrel on the New York Mercantile Exchange.
The dollar fell on a weak report on New York state manufacturing activity, analysts said. Many investors buy commodities such as oil as a hedge against inflation when the dollar falls. Also, a weaker dollar makes oil less expensive to investors dealing in other currencies.
Many analysts believe the dollar's protracted decline is a major factor behind oil's doubling in price over the past year.
|
|