Monday saw oil prices yo-yoing from all time highs past US$143 a barrel before dropping. Earlier in the day, the dollar weakened against the Euro causing an investor frenzy in the oil market. However, as the dollar rose, investors started selling, bringing prices down. This indicates that in current times, oil is being used as a flight to quality and hedge against the dollar and geopolitical risk. Light, sweet crude for August delivery settled at US$140.31 a barrel on the New York Mercantile Exchange. Supply concerns, a weak dollar, a fragile global economy and persistent tensions in the Middle East continue to drive the price of oil to new highs.
01-Jul-08 
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