Crude oil prices set record high 102.08 dollars per barrel

LONDON (AFP) – Oil prices rocketed Wednesday to a record high above 102 dollars, with speculative trade energised by the sliding US dollar and jitters before OPEC’s crude production meeting next week, analysts said.

New York’s main contract, light sweet crude for delivery in April, touched an historic 102.08 dollars per barrel in electronic deals.


Brent North Sea crude for April delivery struck an all-time peak at 100.53 dollars.

“Oil futures made new record highs (on Wednesday) as the market continues to benefit from the weakening dollar, however, the market has retreated since making fresh highs amid profit taking,” said Sucden analyst Nimit Khamar.

The weak US currency boosts prices of dollar-denominated raw materials like oil because they become cheaper for buyers using stronger currencies, which in turn tends to encourage demand, traders said.

AFP