Oil Nears Record $126 A Barrel

May 9, 2008 7:57 a.m. EST

New York, NY (AHN) - Crude oil hit another record Friday, topping $125 a barrel in electronic trading. Thursday, oil reach a high of $123.69.

Analysts view the new record as a sign traders are again turning to oil and gold as a refuge from a weak dollar and fears of inflation.

According to the AP, concerns of inflation were fueled when European Central Bank president Jean-Claude Trichet said Thursday the central bank would not cut interest rates , bolstering the euro against the dollar.

Crude oil prices have gained $10 just this week, reported MarketWatch.