Oil prices strike record highs above 142 dollars

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Source: CCTV.com | 06-28-2008 09:22

Crude futures set a new high of just under 143 U.S. dollars a barrel on Friday. The new record came as the weakening dollar and tumbling stock market sent more investors into the commodity market.

An attendant fills a car with petrol at a service station  in Hong Kong, June 23. Oil prices struck record highs  above 142 dollars as the US currency weakened and stock  markets tumbled at the end of a volatile week for investors  worldwide.(AFP/File/Mike Clarke)

Light, sweet crude for August delivery touched 142.99 dollars a barrel before retreating and settling up 57 cents at 140.21 dollars on the New York Mercantile Exchange.

Meanwhile, the dollar fell on Friday, remaining in a record low range against the euro. The tumbling stock market is also driving more investors to buy oil. The Dow Jones slid nearly 360 points on Thursday, and continued to fall over 100 points on Friday.

Editor:Du Xiaodan