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Posted AT 4:17 PM EDT on 09/05/08

Oil rushes above $126 per barrel

JOHN WILEN

The Associated Press

NEW YORK — Oil rose above $126 (U.S.) a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. On Friday, The Wall Street Journal published a report that suggested closer ties between Venezuelan President Hugo Chavez and rebels attempting to overthrow Colombia's government.

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