Crude rises just below milestone as dollar sinks and big investment funds rush into commodities.
Oil reached a historic high near $104 a barrel Monday, surpassing the inflation-adjusted level of the 1980s, as a weakening dollar made crude futures attractive to investors.
U.S. crude for April delivery hit $103.95 a barrel in early trading before easing to settle at $102.45 on the New York Mercantile Exchange, up 61 cents for the day.
Crude has now passed what many analysts consider to be the previous record high - $103.76 when adjusted for inflation, set in early 1980 - following the Iranian Revolution. The record high is a bit subjective however - ranging from about $93 to over $103 - depending on the contract cited and the inflation calculation used.
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