Oil prices reach new record high, pass $143 a barrel

Worries over a slowdown in the global economy continue to help propel prices of crude oil on world markets to new highs. US oil prices surged past 143 US dollars a barrel for the first time on Monday before falling back.
After hitting a record 143.67 US dollars, light, sweet crude for August delivery rose 10 cents to 140.31 US dollars a barrel on the New York Mercantile Exchange on Monday. Meanwhile, the pump prices in the US hit another record high at 4.086 US dollars a gallon.