Oil prices strike record highs above 142 dollars

Crude futures set a new high of just under 143 U.S. dollars a barrel on Friday. The new record came as the weakening dollar and tumbling stock market sent more investors into the commodity market.

Light, sweet crude for August delivery touched 142.99 dollars a barrel before retreating and settling up 57 cents at 140.21 dollars on the New York Mercantile Exchange.

Meanwhile, the dollar fell on Friday, remaining in a record low range against the euro. The tumbling stock market is also driving more investors to buy oil. The Dow Jones slid nearly 360 points on Thursday, and continued to fall over 100 points on Friday.