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Light, sweet crude for August delivery touched 142.99 dollars a barrel before retreating and settling up 57 cents at 140.21 dollars a barrel on the New York Mercantile Exchange.
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A cyclist rides past a fuel storage tank at the Mobil oil terminal at Yarraville in Melbourne June 27, 2008. Oil leapt to a new record high near $142 a barrel on Friday, extending gains after surging nearly 4 percent in the previous session, as tumbling global stock markets triggered a wider commodities rally |
The dollar fell on Friday, which has roughly remained in the record low area against the euro. The market took the Federal Reserve's Wednesday decision of keeping interest rates steady as a sign that interest rate rise is unlikely in the near future. Traders believe the dollar would continue to fall since higher rates tend to strengthen the currency. And consequently, more investors turned to commodities including crude oil as a hedge against inflation.
Tumbling stock market is also sending more investors to buy oil. Dow Jones slid nearly 360 points on Thursday, hitting the lowest close since September 11, 2006, and continued to fall over 100 points on Friday.
The U.S. House of Representatives on Thursday passed a bill that directs the Commodity Futures Trading Commission to use all its authority to curb speculation in energy futures markets.
In London, Brent crude for August delivery rose 48 cents to settle at 140.31 dollars a barrel on ICE Futures Exchange.