Crude oil hits $145 per barrel

Although crude oil hit $145 during the week there is still speculation that the price may increase further next week.

July 4 (Bloomberg) -- Crude oil may extend record gains next week because of concern a Mideast conflict may curtail supplies and the dollar will weaken, increasing the appeal of commodities as a hedge.

ABC News reported this week that Israel is increasingly likely to attack Iranian nuclear facilities this year. Iran insists its nuclear enrichment work is for peaceful purposes. The dollar has fallen 7 percent this year against the euro.

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``Rumors of an Israeli attack on Iran in coming months and a weak dollar are keeping the crude-oil bull alive,' said Mike Armbruster, co-founder of Altavest Worldwide Trading Inc. in Laguna Hills, California.