Oil Prices Break $105 a Barrel
March 6, 2008
Crude oil future prices broke the $105 a barrel mark Thursday, while the average price of diesel hit $3.70 a gallon.
Light, sweet crude for April delivery rose 95 cents to close at a record $105.47 a barrel on the New York Mercantile Exchange, after earlier spiking to a new trading record of $105.97.
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, reported the Associated Press. Another factor is the dollar's continued weakness against the euro, as investors look for a better place to put their money. Commodities futures, such as crude oil, gold, silver, and agricultural crops, tend to be a popular investment when the dollar's value is weak.
Resource Investor, saying the crude prices are "rallying like a runaway train," noted that crude oil prices have risen 19 percent in just one month, after a 56-percent gain last year.