Oil prices hit record high, then dip


The price of oil climbed to a record-high $103.05 per barrel before dipping to $102.07 on Friday. According to a report by the Associated Press, “crude prices are within the range of inflation-adjusted highs set in early 1980. A $38 barrel of oil then would be worth $97 to $104 or more today, depending on the how the adjustment is calculated.” Analysts said that it was unlikely that OPEC would agree to increase production at its next meeting on March 5.