New York (AP) Oil futures are hitting a new milestone near $140 a barrel, a dramatic surge analysts attributed to the weakening dollar.
Light, sweet crude for July delivery rose to a trading record of $139.89 a barrel today, but retreated slightly to trade up $4 at $138.86 a barrel on the New York Mercantile Exchange.
The dollar fell on a weak report on New York state manufacturing activity, analysts said. Any investors buy commodities such as oil as a hedge against inflation when the dollar falls. Also, a weaker dollar makes oil less expensive to investors dealing in other
Many analysts believe the dollar's protracted decline is a major factor behind oil's doubling in price over the past year.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.