Crude oil rose above $142 a barrel for the first time as falling stock markets spurred investment in commodities.

Oil has climbed 46 percent this year as the U.S. dollar declined against the euro and the MSCI World Index of global equity markets dropped 12 percent. Oil may extend gains if the European Central Bank boosts rates on July 3, further weakening the U.S. currency.

"The trend to hard assets, and energy in particular, is unabated," said John Kilduff, vice president of risk management at MF Global Ltd. in New York. "There's a lack of confidence in stocks and other markets right now, which has investors looking for safe havens."

Crude oil for August delivery rose 57 cents, or 0. ... Read full article