Another record: Oil above $112 a barrel

April 9, 2008 10:30:28 AM PDT
The price of oil has surged to a new record, with a barrel a crude trading above $112 a barrel on the New York Mercantile Exchange. A government report that oil and fuel supplies were lower than expected last week gave crude a push past its latest milestone. But months of buying by speculators and by investors seeking refuge from a falling dollar have also lifted oil to its new heights.

Light, sweet crude for May delivery has traded as high as $112.16, surpassing the previous trading record of $111.80 set ast month.

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