By GREGORY MEYER
THE WALL STREET JOURNAL EUROPE
March 12, 2008
NEW YORK — Crude-oil futures shot to another record high yesterday, as new buyers looked past mixed projections on petroleum demand to participate in the upward momentum of the past few weeks.
Light, sweet crude for April delivery settled 85 cents, or 0.8%, higher at $108.75 a barrel on the New York Mercantile Exchange, after jumping to a record intraday high of $109.72 a barrel overnight.
Nymex futures traded in a range of more than $3 throughout the session, as the factors that have fueled crude’s ascent this year were inconclusive yesterday. The dollar’s weakness has fueled much of oil’s recent run-up, as investment funds seek a hedge in hard assets. But yesterday the dollar strengthened after the Federal Reserve announced measures to add liquidity to financial markets in an attempt to soften the credit crunch. read more
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