Date: Monday March 10, 2008 11:56:49 am
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Oil hits record of $107 a barrelCrude oil prices have hit another record, as investors continue to buy oil to protect themselves against the falling dollar.
New York sweet crude added $1.85 to touch $107 a barrel, before falling back at $106.7.
Commodities such as oil and gold are attractive when the US currency is falling as they are priced in dollars.
The dollar was hit on Friday by a US employment report showing the labour market at its weakest in five years.
The price is also being supported by last week’s decision by producers’ cartel Opec not to raise supply.
Brent crude gained 40 cents to trade at $102.78 a barrel.
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