Oil hits record $142 US
Oil prices touched a new record intraday high on Friday climbing above $142 US a barrel on Friday as investors continued to pour into commodities.
The price of light, sweet crude for August delivery hit a peak of $142.93 in early trading, before finishing the day at $140.21, up 57 cents from Thursday's close.
Oil shot up more than $5 a barrel Thursday after OPEC's president suggested that crude could top $150 a barrel this year.
Also driving oil higher was talk from Libya that it may reduce its oil output.
Weakness in the U.S. dollar on Thursday was also cited as part of the reason for the big jump. The falling U.S. dollar makes oil, which is priced in U.S. currency, more attractive to foreign investors.
Analysts also said investors are also seeking returns in commodities at a time when equities are weak.
"When money has nowhere to go, it is parked in commodities as it is one of the few investment instruments that actually rises the more money you pour into it," said Oliver Jakob, an analyst at Petromatrix Gmbh, in Switzerland.
With files from the Associated Press
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