Oil reaches $142 on view dollar will keep falling
9:51 AM Fri, Jun 27, 2008 | Permalink
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NEW YORK -- Oil futures climbed briefly to a new record above $142 a barrel Friday on expectations that the weakening dollar, a major factor in crude's stratospheric rise, will extend its decline and add to oil's appeal, according to the Associated Press. Retail gas prices inched lower overnight, but are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly 3 weeks. 
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Oil prices headed outer part lower Wednesday, failing to sustain a brief push into positive territory, after the government reported gasoline supplies rose far more than expected. The Energy Department’s Energy Information Administration reported that crude inventories fell by 1.6 million barrels in the week ended July 18, slightly less than analysts surveyed by energy research firm Platts predicted.
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