Oil climbed over $125 a barrel today, just ahead of the US driving season and propelled by investors jumping at a weaker dollar, the AP reports. Light, sweet crude for June rose to $125.98 on the New York Mercantile Exchange today, later dropping to $124.86 in Europe.
Prices could climb further following a Wall Street Journal report today that pointed to close ties between Venezuela and Colombian rebels. The information could prompt US sanctions against Venezuela, a major oil supplier, as a terrorist country. (More oil prices stories.)