Posted AT 4:17 PM EST on 12/03/08
Oil breaks through $110
NEW YORK — Oil pierced $110 (U.S.) a barrel on Wednesday, marking the sixth straight day of record highs, as the U.S. dollar sank to new lows and outweighed large increases in U.S. crude inventories.
Investors have raced into commodities over the past month to hedge against inflation and the slumping dollar, sending oil to fresh peaks despite concerns about the economic health of top oil consumer the United States and rising fuel stocks.
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