Monday, March 10, 2008
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.