NEW YORK, March 7 (Xinhua) -- Crude-oil futures hit a new record high of 106.54 dollars a barrel on Friday before closing slightly lower, as the dollar fell anew.
Crude oil for April delivery gained more than 1 dollar to an intraday high of 106.54 dollars a barrel on the New York Mercantile Exchange in late morning trading. It closed down 32 cents, or 0.3 percent, at 105.15 dollars.
On Friday, the dollar set a new low against the euro before rising. But most investors believe that despite occasional rebounds, the dollar is likely to continue falling as the Fed continues to cut rates.
A government report showing a second straight month of contractions in U.S. payrolls spurred talk the Federal Reserve might cut interest rates again, weakening the dollar early in the day. The greenback later rebounded, helping to ease oil off earlier highs.
The steady decline in the U.S. dollar has helped push commodity prices higher, while a sharp drop in U.S. crude stocks and OPEC's decision on Wednesday not to increase output also boosted oil prices.
