Oil came within inches of the $104 mark, pushing exchange traded funds (ETFs) that hold oil futures and companies to new heights.
If you were crying at the pump this morning, you weren’t alone. The rising price of oil is pushing up prices at gas stations, too: the average price of a gallon was $3.165 today, according to AAA.
Crude for April delivery hit $103.76, the level many analyst consider a true record high when adjusted for inflation, reports John Wilen for the Associated Press. The soaring price of oil continues to owe much to the falling dollar, because futures bought and sold in U.S. dollars are more attractive to foreign investors when it’s not worth as much. It hit a new low against the euro today, to $1.5275.
Gold, copper and wheat are experiencing a rally as of late, as well.