Stocks decline amid economic worries

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NEW YORK — The surging price of oil reached another milestone Monday, jumping to an inflation adjusted record high of $103.95.

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The weaker dollar that has propelled oil and other commodities prices higher sent light, sweet crude for April delivery past $103.76 a barrel on the New York Mercantile Exchange. That’s the level many analysts consider to be the true record high for oil, after its $38 barrel price from 1980 is translated into 2008 dollars.

The price later traded up $1.52 at $103.36, fluctuating with the normal ebb and flow of trading.

Oil’s most recent run into record territory has been driven by the greenback’s slump against other world currencies. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is falling.

"We really had to face a plethora of negative news," said Art Hogan, chief market strategist at Jefferies & Co. in Boston.

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MORE HEADLINES Construction spending falls by most in 14 years 9:47 AM CT Global semiconductor sales flat 8:41 AM CT Buffett: U.S. economy essentially in recession 7:46 AM CT Record gas prices hurt Dallas-Fort Worth businesses See all of today's headlines

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