A weakening U.S. dollar on Monday helped propel the price of oil to another record high.

Oil for July delivery briefly touched US$139.89 US a barrel in morning trading on the New York Mercantile Exchange.

Oil rose as the U.S. dollar fell against the euro, the British pound and the Canadian dollar. The U.S. dollar was lower on a report of softer manufacturing in New York state, observers said.

After running up to its new high, oil traded later at US$138.80 a barrel, up $3.94 from Friday’s settlement price.