Oil Breaks Record, Climbs Above $141

Weak dollar sends investors into crude
By Newser Editors and Wire Services
Posted Jun 27, 2008 7:27 AM CDT
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)
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(Newser) – 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.