March 10, 2008
Crude oil surpasses $ 108
Crude-oil futures surpassed $108 for the first time, before closing above $107 a barrel. The gloomy economic outlook in the United States increases the prospect that the Fed will cut interest rates again, creating an even weaker dollar. The euro was trading at $1.5358, near its record high. A weaker dollar pushes oil prices up as it makes dollar-denominated oil less expensive to buyers holding other currencies.
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