Oil reaches record high as dollar drops further

Crude oil reached a record high Tuesday, for the fifth consecutive day, closing at $108.75 a barrel, and AAA predicted gas prices of $4 a gallon by the peak summer driving season. The sharp increases seem to be the result of currency fluctuations rather than supply-and-demand issues. With the U.S. dollar hitting a record low against the euro, experts say investors are looking to commodities as a safe haven for their money.

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Arkansas Democrat-Gazette (Little Rock) (free registration)

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