Oil Jumps to New Record on Dollar's Fall
Monday March 3, 3:57 pm ET
By John Wilen, AP Business Writer
NEW YORK (AP) -- The surging price of oil reached another milestone Monday, jumping to an inflation adjusted record high of $103.95.
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The weaker dollar that has propelled oil and other commodities prices higher sent light, sweet crude for April delivery past $103.76 a barrel on the New York Mercantile Exchange. That's the level many analysts consider to be the true record high for oil, after its $38 barrel price from 1980 is translated into 2008 dollars.
