Oil roars to record over $108 on weak dollar

By Matthew Robinson

NEW YORK (Reuters) – Oil shot to a record over $108 a barrel on Monday, extending a rally led by investors seeking a hedge against the tumbling dollar and inflation.

U.S. crude settled up $2.75 at $107.90 a barrel, off a record $108.21 hit earlier in the session. London Brent crude jumped $1.78 to settle at $104.16 a barrel.

Fears of a U.S. recession following the biggest U.S. job losses in five years and strains in the credit market have sunk the dollar and raised expectations the Federal Reserve could cut interest rates again to prop up the economy.

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