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Oil rises to trading, closing records on falling US dollar

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Bloomberg News / June 28, 2008

NEW YORK - Crude oil rose above $142 a barrel for the first time, as falling stock markets spurred investment in commodities.

Oil has climbed 46 percent this year as the US dollar declined against the euro.

"The trend to hard assets, and energy in particular, is unabated," said John Kilduff, vice president of risk management at MF Global Ltd. in New York.

"There's a lack of confidence in stocks and other markets right now, which has investors looking for safe havens."

Crude oil for August delivery rose 57 cents, or 0.4 percent, to settle at $140.21 a barrel on the New York Mercantile Exchange, a record close.

Prices, which are up 38 percent this quarter, are heading for the biggest quarterly gain since the first three months of 1999, when oil traded between $11 and $17.

Futures hit $142.99, the highest since trading began in 1983.

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