Oil Prices Continue To Set New Records

London, England, June 30, 2008--The picture's not getting any prettier for flooring manufacturers and other that are highly dependent on oil.

Oil prices spiked above $143 a barrel for the first time ever Monday.

Analysts said the main factors are the fragile U.S. dollar and geopolitical tensions regarding Iran.

In addition, the European Central Bank may raise interest rates at its next meeting on Thursday, which would help strengthen the euro against the dollar.

Light, sweet crude for August delivery rose $3.46 to $143.67 a barrel in electronic trading on the New York Mercantile Exchange, by midday in Europe.

On Friday, crude futures spiked to a record $142.99 a barrel in New York before closing at $140.21.

In London, Brent crude futures rose $2.87 to $143.18 a barrel on the ICE Futures exchange in London.