Oil spikes above $102 a barrel
Oil prices rose to a new intraday high above $102 a barrel Wednesday as a slide in the US dollar prompted investors to pump more money into energy futures as a hedge against inflation. Light, sweet crude for April delivery spiked as high as $102.08 a barrel in electronic trading on the New York Mercantile Exchange before slipping back to $100.54 down 34 cents, in afternoon European electronic trading on the New York Mercantile Exchange. The contract on Tuesday jumped $1.65 to settle at $100.88 a barrel, a record close.
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