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TUESDAY, FEBRUARY 9, 2010
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Oil Gushes Past $145

Experts say a further weakening of the dollar will push prices higher still

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(Newser) – The specter of conflict in Iran and a surprisingly large decline in US stockpiles pushed European oil prices above $145 today for the first time, reports the AP. A further weakening of the dollar, if the European Central Bank raises interest rates as expected later today, could push prices even higher. Crude has risen more than 50% since the end of 2007.

The price of crude oil has been rising steadily.
The price of crude oil has been rising steadily.   (AP Photo)
Fuel pumps show prices just under $5.00 a gallon at a marina in Marblehead, Mass., Tuesday July 1.
Fuel pumps show prices just under $5.00 a gallon at a marina in Marblehead, Mass., Tuesday July 1.   (AP Photo/Charles Krupa)
Oil prices climbed to a record above $145 a barrel in European trading.
Oil prices climbed to a record above $145 a barrel in European trading.   (AP Photo/Matt Rourke)
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