Posted AT 4:07 PM EDT on 08/08/08
Oil dives to $115 level
NEW YORK — Oil prices dove to $115 (U.S.) a barrel on Friday, driven lower by a huge jump in the U.S. dollar, signs of moderating fuel demand around the world and the growing belief in the markets that commodities may have peaked.
Shrugging off concerns about a sabotaged oil pipeline in Turkey, investors pulled their money out of commodities and put it back into stocks — driving the Dow Jones industrial average up more than 300 points.
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