Oil rises to new record above $103

NEW YORK — Oil prices yesterday surged to a new record high as the dollar weakened to another low against the euro.

By (AP)

Published: Tue 4 Mar 2008, 9:16 AM

Last updated: Sun 5 Apr 2015, 1:16 PM

Light, sweet crude for April delivery rose $1.93 to $103.77 on the New York Mercantile Exchange after earlier rising as high as $103.95. That’s higher than the price of $103.76 that many analysts believe oil hit in 1980, when adjusted for inflation into 2008 dollars.

Oil’s most recent run into record territory has been driven by the greenback’s slump against other world currencies.

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