Oil Punches Through $143

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Bangkok, Thailand (AP) Oil prices have surged above $143 a barrel for the first time ever today.

Light, sweet crude for August delivery rose $3.46 to $143.67 a barrel in electronic trading on the New York mercantile exchange, by midday in Europe.

On Friday, oil spiked to $142.99 a barrel in New York, though it closed at $140.21.

Expectations of a weaker dollar have investors turning towards dollar-denominated oil futures as a hedge against inflation.