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Oil prices top $125 per barrel

Speculators pushed crude oil prices to more than $125 per barrel Friday as the dollar lost ground against the euro and yen.

A slide in the dollar prompts investment in commodities as a hedge against inflation.

On Friday morning, the dollar was down. The euro traded at $1.546, while the dollar traded at 102.77 yen.

On the New York Mercantile Exchange, crude oil prices gained $1.79 to $125.48 a barrel.

The price of heating oil rose 0.0815 cents to $3.5913 per gallon. The price of reformulated gasoline blendstock rose 0.0342 cents to $3.172 per gallon. Natural gas prices rose 0.118 cents to $11.381 per million British thermal units.

The price at the pump climbed to a national average record $3.671 for a gallon of unleaded, up from Thursday's price of $3.654 a gallon, AAA reported.

Copyright 2008 by United Press International


Publication date: 09 May 2008   

Source: UPI-1-20080509-08101900-bc-us-energyprices.xml

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