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Oil Breaks Record, Climbs Above $141

Weak dollar sends investors into crude

By the Associated Press

Posted Jun 27, 2008 7:27 AM CDT
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(AP) – Oil prices climbed above $141 a barrel in Asian trading today—another record—as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation. Prices also were lifted yesterday after OPEC's president said crude prices could go higher than $150 a barrel this year and Libya said it may cut oil production.

Light, sweet crude for August delivery rose as high as $141.71 a barrel before pulling back to $141.10, up $1.46 in Asian electronic trading on the New York Mercantile Exchange midafternoon in Singapore. The contract yesterday rose $5.09 to settle at a record $139.64. The previous trading record for a front-month contract was $139.89, set on June 16.

Oil well pump jacks are shown working as cars and trucks roll along a stretch of road Thursday, June 26, 2008 in Coalinga, Calif.
Oil well pump jacks are shown working as cars and trucks roll along a stretch of road Thursday, June 26, 2008 in Coalinga, Calif.   (AP Photo/Gary Kazanjian)
An activists throws plastic bags with red paint as they pelt the main office of Petron oil company at the financial district of Makati, south of Manila, Philippines, on Friday June 27, 2008.
An activists throws plastic bags with red paint as they pelt the main office of Petron oil company at the financial district of Makati, south of Manila, Philippines, on Friday June 27, 2008.   (Aaron Favila)
Oil well pump jacks of Chevron Corp. are shown in the hills Thursday, June 26, 2008 in Coalinga, Calif. Oil prices climbed to a record above $141 a barrel in Asian trading Friday.
Oil well pump jacks of Chevron Corp. are shown in the hills Thursday, June 26, 2008 in Coalinga, Calif. Oil prices climbed to a record above $141 a barrel in Asian trading Friday.   (AP Photo/Gary Kazanjian)
Passersby look at a stock price board outside a securities company in Tokyo, Friday, June 27, 2008.
Passersby look at a stock price board outside a securities company in Tokyo, Friday, June 27, 2008.   (AP Photo/Katsumi Kasahara)
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oil • broken records • oil price • crude oil

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