Oil Advances to Record $105.96 as Dollar Drops to All-Time Low
March 6th, 2008Via: Bloomberg:
Crude oil rose to a record $105.96 a barrel in New York as the U.S. dollar fell to its lowest ever against the euro.
Gold and copper also advanced to all-time highs as the sinking dollar made commodities priced in the U.S. currency cheaper. Oil closed at a record yesterday after OPEC refrained from raising production yesterday and U.S. crude inventories fell for the first time in eight weeks.
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The euro climbed to $1.5345, the highest level since the single currency’s debut in 1999, on speculation the European Central Bank will hold its key interest rate at a more than six- year high as the Federal Reserve keeps cutting its benchmark rate.
