Oils Soars Past $113 a Barrel to New Record
April 15, 2008
Oil set new record highs above $113 a barrel Tuesday. Oil is up 18 percent from the start of the year when it was averaging about $100 a barrel.
Meantime, the dollar was at near record lows against the euro Tuesday. The weak dollar tends to cause the price of commodities like oil to rise as investors look for a hedge against inflation.
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