Oil touches record high as dollar reaches record low

02/27/2008 | CNNMoney

A sliding U.S. dollar and negative economic data helped send oil prices to record highs, with futures for light, sweet crude reaching $102 a barrel. Analysts said the price spike was caused by the weakening dollar and signs of inflation in the U.S. rather than any news from the oil market itself. Commodities such as oil are often viewed as a hedge against inflation.

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