Oil prices surged above $102 a barrel Thursday on weaker dollar
Oil prices surged above $102 a barrel Thursday on weaker dollar and the prospect of lower interest rates.
Investors believe the Fed will continue cutting interest rates to try to shore up the economy. Interest rate cuts tend to weaken the dollar, and crude futures offer a hedge against the falling dollar.
Light, sweet crude for April delivery rose 2.95 dollars to 102. 59 dollars a barrel on the New York Mercantile Exchange, a new record close, after rising as high as 102.97 dollars.