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Dollar's Slide Pushing Oil Prices Higher

Economic data hammers the greenback as worries about US economy deepen

By Jim O'Neill,  Newser User

Posted Feb 29, 2008 7:21 AM CST
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(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.

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 the prospect of lower interest rates attracted fresh money to the oil market....
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)
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.
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)
Euro coins are seen next to U.S. dollar bills in Frankfurt, central Germany. The dollar continues to fall against the euro.
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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Bush says US not headed into recession
Associated Press

Relationship between the dollar and oil is about to cool
Reuters

Winners and losers in the dollar's decline
BusinessWeek

 
oil • recession • US economy • euro • yen • gas prices • crude oil • US dollar

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