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May 9, 2008 6:52 pm US/Eastern

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CBS4 Your Money: A Week Of Record Oil Prices

MIAMI (CBS News) ― Crude oil rose above $126 a barrel in New York on Friday to a record as the dollar weakened overseas, causing investors to buy commodities as a hedge against the currency's decline. Oil climbed to all-time highs for a fifth day today, and a prominent Wall St. firm, Goldman Sachs, predicted it could reach between $150-$200 a barrel.

On Monday, at $120 a barrel, crude oil set another record, and the very next day, it went up three dollars a barrel.

On Wednesday, the federal government reported consumer borrowing increased sharply in March, a sign that more Americans were turning to credit cards to pay for the rising prices of basics like food and fuel.

On Thursday, as gas prices hit new national highs, there was some bright news in the employment picture as the U.S. Labor Department reported jobless claims dropped by 18,000.

And today, at the close of the business week, oil edged up to a record $126 a barrel. Industry experts say it takes a month or more for the full impact of oil prices to translate to your local gas station.

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