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Oil reaches $142 on view dollar will keep falling

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.

Posted by Peter C. T. Elsworth  at 9:51 AM to Crude oil market , Gas prices | Permalink

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