Oil prices cross US$109 for 1st time
New York, 2008 Mar 11, IRIB
Oil prices struck a record high of US$109.20 per barrel on Tuesday after the dollar hit a fresh all-time low against the euro, and amid persistent supply concerns, traders said.
New York's main oil contract, light sweet crude for delivery in April, soared to the historic level, beating the previous peak of US$108.21 that was set on Monday.
Also on Tuesday, Brent North Sea crude for April hit a record high US$105.40 on barrel, beating the prior high of US$104.42 touched on Monday.
In the foreign exchange market, the European single currency surged to a record high US$1.5495.
A weaker US currency tends to increase demand for dollar-denominated oil as it becomes cheaper for buyers using stronger currencies.
|
