Oil prices top 28-year-old record

03/4/2008 | NYTimes.com

Oil prices set another mark on the New York Mercantile Exchange on Monday, briefly reaching $103.95 a barrel and surpassing the inflation-adjusted April 1980 record. The decline of the U.S. dollar and a possible interest-rate cut has investors clamoring for oil and other commodities -- which are less affected by U.S. economic turmoil because they are priced on the international market. Globally, the demand for oil is higher than the ability of oil producers to supply it.

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