INSANE: Oil Topped at US$102.80

Update 29 February 2008: Oil sets another record, topping at US$103.05! From CNNMoney.com.
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Oil sets another top record - this time at US$102.80!

This record is purely a play on the weakness of the dollar, as investors use both crude and gold as a hedge against inflation.

Source: Bloomberg.com "Oil Rises Above $102 as Weak Dollar Boosts Commodities Prices"

Other post about high oil prices this year:

1. INSANE: Oil Continues the Post US$100 Trend
2. INSANE: Crude Oil Prices Touched US$100 A Barrel