Oil ends a turbulent session higher as US dollar induced buying …- About: oil prices
NEW YORK _ Crude oil futures rose to another record close Thursday, boosted once more by the U. Gas prices are following oil higher, and are expected to peak this spring well above last May´s record of $3. Analysts believe the steadily weakening dollar is the reason oil prices have jumped to a number of new inflation-adjusted record highs this week. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is falling. Helping push oil prices higher Thursday was an overnight rebel attack on a Colombian oil pipeline that transports 60,000 barrels of oil a day for export markets. read more
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