Oil sets fresh record above $109

The price of crude oil has set a fresh record at $109.20, its fifth day in a row of historic highs.

New York light sweet crude fell back after hitting the high to trade at $108.75. London Brent set a record at $105.40, before retreating to $105.06.

Recent rises are being attributed to the falling value of the US dollar against the Japanese yen and the euro.