Friday, February 29, 2008

Oil Spikes Above $102, 1st Time, Then Falls Back

Crude prices moved about $102 a barrel for the first time Wednesday, then retreated after the government reported the nation is greased with more oil and gasoline than expected. Prices none the less stayed within range of Tuesday's record close as the dollar tumbled to fresh lows against the euro and U.S. economic worries drove more money into energy futures as a hedge against inflation. Light, sweet crude for April delivery fell $1.24 to settle at $99.64 on the New York Mercantile Exchange, after surging as high as $102.08 a barrel in trading earlier.

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