Dollar's Slide Pushing Oil Prices Higher

Economic data hammers the greenback as worries about US economy deepen
By Jim O'Neill,  Newser Staff
Posted Feb 29, 2008 7:21 AM CST
Dollar's Slide Pushing Oil Prices Higher
High gas prices are posted at Shell gas station in San Mateo, Calif., Thursday, Feb. 28, 2008. Crude prices rebounded Thursday, shooting up more than $2 a barrel to a new record as a falling dollar and the prospect of lower interest rates attracted fresh money to the oil market. Retail gas prices, meanwhile,...   (Associated Press)

The dollar continued its fall as unrelentingly dismal economic data eroded confidence in the US economy, Bloomberg reports. The greenback set a new low of $1.52 against the euro this morning and hit a three-year bottom against the Japanese yen. Oil surged more than $2 a barrel to $103.05 in Asian trading before closing at $102.92. 

As oil prices climb, retail gasoline prices continued to push into near-record territory, reports the AP; the price at the pump added nearly a penny overnight to a national average of $3.161 a gallon. US officials expect the price to top out this spring near $3.40, but analysts predict the price could climb significantly higher. (More US dollar stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X