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Oil rises almost $7, closing in on record

NEW YORK -- Oil prices shot up nearly $7 a barrel Friday, extending big gains from the previous day and racing toward an all-time high after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July, according to the Associated Press.

A further weakening of the dollar helped keep prices high by enticing overseas buyers armed with stronger currencies and other investors looking for a hedge against the greenback.

Light, sweet crude for July delivery jumped as much as $6.96 to $134.75 on the New York Mercantile Exchange, before easing slightly to trade at $134.40, up $6.61.

Posted by Peter C. T. Elsworth  at 1:03 PM to Crude oil market | Permalink

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