Oil Continues Torrid Pace, Moves Past $114

Washington, DC, April 16, 2008— Oil hit a new record high above $114 a barrel on Wednesday on speculation and continuing weakness in the dollar.

U.S. crude was $.53 higher at $114.32 a barrel by 5:43 a.m., just below a fresh peak of $114.41. Today’s price is more than three times the average price of 2002, when oil’s rally began.

The weak dollar — along with strong demand for oil worldwide– has driven oil and other commodities such as corn, gold and rice to record highs in recent months.

The dollar also headed towards a record low versus the euro on Wednesday.