Oil Prices Top $125 Per Barrel
Posted on: Friday, 9 May 2008, 09:00 CDT
Speculators pushed crude oil prices to more than $125 per barrel Friday as the dollar lost ground against the euro and yen.
A slide in the dollar prompts investment in commodities as a hedge against inflation.
On Friday morning, the dollar was down. The euro traded at $1.546, while the dollar traded at 102.77 yen.
On the New York Mercantile Exchange, crude oil prices gained $1.79 to $125.48 a barrel.
The price of heating oil rose 0.0815 cents to $3.5913 per gallon. The price of reformulated gasoline blendstock rose 0.0342 cents to $3.172 per gallon. Natural gas prices rose 0.118 cents to $11.381 per million British thermal units.
The price at the pump climbed to a national average record $3.671 for a gallon of unleaded, up from Thursday's price of $3.654 a gallon, AAA reported.
Source: United Press International
User Comments (0)
RSS Feeds