Oil Breaks Record, Climbs Above $141

Oil prices climbed above $141 a barrel in Asian trading today—another record—as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation. Prices also were lifted yesterday after OPEC's president said crude prices could go higher than $150 a barrel this year and Libya said it may cut oil production.

Light, sweet crude for August delivery rose as high as $141.71 a barrel before pulling back to $141.10, up $1.46 in Asian electronic trading on the New York Mercantile Exchange midafternoon in Singapore. The contract yesterday rose $5.09 to settle at a record $139.64. The previous trading record for a front-month contract was $139.89, set on June 16. (More oil stories.)