Oil hits new record of $111 on dollar slump

LONDON (Reuters) – Oil rose to a fresh record high on Thursday, hitting new peaks for the seventh trading day, as a weak dollar overshadowed an increase in U.S. crude inventories.

U.S. crude for April delivery struck a new high of $111.00 a barrel. It was trading at $110.93, up $1.01 by 11:02 a.m. EDT


London Brent crude for April, which expires on Friday, also hit a new peak at $107.88. It was trading at
$107.77.

“We’re looking at the U.S. dollar, we’re looking at speculation, we’re looking at geopolitics. Those three things tying together are defying fundamentals,” said Peter McGuire, managing director of Commodity Warrants Australia.

Reuters