NEW YORK, Feb. 28 (Xinhua) -- Crude prices surged above 102 U.S. dollars a barrel Thursday on weak dollar and the prospect of lower interest rates.
The Commerce Department said gross domestic product grew at only a 0.6 percent rate in the fourth quarter, below estimates. While the Labor Department said applications for unemployment benefits rose by 19,000 last week, more than expected.
Investors believe the Fed will continue cutting interest rates to try to shore up the economy. Interest rate cuts tend to weaken the dollar, and crude futures offer a hedge against the falling dollar.
Light, sweet crude for April delivery rose 2.95 dollars to 102.59 dollars a barrel on the New York Mercantile Exchange, a new record close, after rising as high as 102.97 dollars.
The Commerce Department said gross domestic product grew at only a 0.6 percent rate in the fourth quarter, below estimates. While the Labor Department said applications for unemployment benefits rose by 19,000 last week, more than expected.
Investors believe the Fed will continue cutting interest rates to try to shore up the economy. Interest rate cuts tend to weaken the dollar, and crude futures offer a hedge against the falling dollar.
Light, sweet crude for April delivery rose 2.95 dollars to 102.59 dollars a barrel on the New York Mercantile Exchange, a new record close, after rising as high as 102.97 dollars.
