Oil Skyrockets Toward New Record

Oil prices jump to near $135 a barrel on weaker dollar and prediction of price spike By ADAM SCHRECK AP Business Writer NEW YORK June 6, 2008 (AP) An oil facility is seen at Venezuela's western Maracaibo lake November 5, 2007. (Isaac Urrutia/Reuters) More Photos Oil prices shot up nearly $7 a barrel Friday, extending big gains from the previous day and racing toward an all-time high after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July. A further weakening of the dollar helped keep prices high by enticing overseas buyers armed with stronger currencies and other investors looking for a hedge against the greenback. Light, sweet crude for July delivery jumped as much as $6.96 to $134.75 on the New York Mercantile Exchange, before easing slightly to trade at $134.40, up $6.61. Prices pushed sharply... [read full story]