Oil Tops $130

Supply concerns drive crude
By Kevin Spak,  Newser Staff
Posted May 21, 2008 8:30 AM CDT
In this Tuesday, March 4, 2008 file photo, a man works through a dust storm on a new oil well being drilled in the Sakhir desert, Bahrain.   (AP Photo/Hasan Jamali, File)
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(Newser) – Oil set yet another record today, with prices hitting $130.47 a barrel in electronic trading in Asia and Europe, the AP reports, on supply concerns and renewed worries about the dollar. Crude closed at $128.98 in the last New York Mercantile Exchange session. Oil futures have roughly doubled over the past year.

One commodity strategist said the dollar had receded as an issue over the last few days, but it's back. “It looked like it was starting to recover, but I think there's a less certain outlook at the minute and... enough reason to be buying commodities as a currency hedge again.” (Read more oil stories.)