Light, sweet crude for April delivery jumped to a new trading record of US$103.05 a barrel in Asian electronic trading on the New York Mercantile Exchange before slipping back to US$102.92 a barrel, up 33 cents.
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Oil Continues to Gain: $103
Oil prices reached $103 a barrel for the first time Friday
Oil prices reached $103 a barrel for the first time Friday as persistent weakness in the U.S. dollar and the prospect of lower interest rates attracted fresh money to the oil market.
Lower U.S. interest rates tends to weaken the dollar, and crude futures offer a hedge against a falling dollar.
Light, sweet crude for April delivery jumped to a new trading record of US$103.05 a barrel in Asian electronic trading on the New York Mercantile Exchange before slipping back to US$102.92 a barrel, up 33 cents.
On Thursday, the contract jumped US$2.95 to settle at a record US$102.59 a barrel.
Light, sweet crude for April delivery jumped to a new trading record of US$103.05 a barrel in Asian electronic trading on the New York Mercantile Exchange before slipping back to US$102.92 a barrel, up 33 cents.
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