Oil climbs above $126 to record as dollar weakens against euro

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first wrote of a “super spike” in March 2005, predicting crude may trade between $50 and $105 a barrel through 2009.

“There’s been a paradox, prices have surged over the last week while we’ve had bearish headlines,” said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc in New York.