Oil prices strike new high
 13 Mar 2008
The trend of rocketing oil prices has continued with news that the value of a barrel of the commodity has hit a new record high.
In news which is likely to affect those with home heating oil, values surged past the $110 (£54) a barrel mark to reach $110.70, as concerns over the weakening US economy continues to grow.
The previous record of $109.72 was reached earlier this week as the dollar fell to record lows against the Euro.
Olivier Jakob of Petromatrix in Switzerland told the Associated Press: "The dollar will remain the dominant factor until the Fed [Federal Reserve] meeting next Tuesday, but oil will also have to balance with equities under the pressure of more credit hedge funds going belly-up."
Many economists are linking the rising oil prices to the falling dollar values.
Earlier this month, Phil Flynn, an analyst at Alaron Trading Corp, told the Press Association: "I really think that this is oil being viewed as ... a financial instrument."
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