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Dollar's Slide Pushing Oil Prices Higher  

Posted Feb 29, 08 7:21 AM CST in Business    Most Covered

(newser) – The dollar continued its fall as unrelentingly dismal economic data eroded confidence in the US economy, Bloomberg reports. The greenback set a new low of $1.52 against the euro this morning and hit a three-year bottom against the Japanese yen. Oil surged more than $2 a barrel to $103.05 in Asian trading before closing at $102.92. 

As oil prices climb, retail gasoline prices continued to push into near-record territory, reports the AP; the price at the pump added nearly a penny overnight to a national average of $3.161 a gallon. US officials expect the price to top out this spring near $3.40, but analysts predict the price could climb significantly higher.

Sources Bloomberg, Associated Press

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Dollar's Slide Pushing Oil Prices Higher
High gas prices are posted at Shell gas station in San Mateo, Calif., Thursday, Feb. 28, 2008. Crude prices rebounded Thursday, shooting up more than $2 a barrel to a new record as a falling dollar and...   (Associated Press)
Dollar's Slide Pushing Oil Prices Higher
A U.S. dollar is seen among other foreign currencies at Foreign Currency Express in downtown Los Angeles, Wednesday, Feb. 27, 2008. The dollar continues to struggle.   (Associated Press)
Dollar's Slide Pushing Oil Prices Higher
Euro coins are seen next to U.S. dollar bills in Frankfurt, central Germany. The dollar continues to fall against the euro.   (Associated Press)
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US economy  • recession  • oil  • gas prices  • US dollar  • crude oil  • euro  • yen


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