Oil prices rocket close to 110 dollars a barrel

NEW YORK (AFP) – World oil prices continued their record charge Tuesday, rocketing close to 110 dollars amid lingering supply concerns and as the US dollar plumbed fresh lows against the euro.

Traders say oil prices have also been propped up because “black gold” is priced in dollars and buyers and speculators armed with stronger currencies than the US dollar are buying up oil contracts.


New York’s main oil futures contract, light sweet crude for delivery in April, finished up 85 cents at a record closing high of 108.75 dollars per barrel after hitting an all-time intra day high in earlier trading of 109.72 dollars.

In London, Brent North Sea crude for April delivery settled up 1.09 dollars at 105.25 dollars after earlier jumping to a record intraday high of 105.82 dollars.

“Oil rewrites the record books as the once mighty dollar sinks further into obscurity,” Phil Flynn, a market analyst at Alaron Trading, said in a briefing note.

AFP