Crude scales new heights at $121.49 per barrel (MarketWatch) (06-05-2008)

SAN FRANCISCO (MarketWatch) -- Crude-oil futures rose again on Tuesday, reaching a fresh record of $121.49 a barrel as weakness in the U.S. dollar gave support to dollar-denominated oil prices.

Crude oil for June delivery rose $1.52 to the new record in early morning trading. It was last seen up $1.23, or 1%, at $121.20 on the New York Mercantile Exchange.

This fresh high comes after Monday's record closing of $119.97 a barrel. On the currency markets Tuesday, the U.S. dollar traded lower against most of its major rivals. The dollar index fell 0.4% to 72.9.

SourceMarketWatch