Oil prices struck a record high of $109,72 per barrel on Tuesday after the dollar hit a fresh all-time low against the euro and amid persistent energy-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 $108,21, which was set on Monday.
The price of New York crude oil hit an all-time high point of $103,05 per barrel on Friday owing to record weakness of the dollar, but then fell back, traders said. And the price of gold reached an historic peak of $976,32 per ounce. "This was part of a broad-based commodities run based on the continued weakness of the dollar," said Petromatrix analyst Olivier Jakob.
World oil prices eased further from the historic $100-a-barrel level on Monday after weak US employment data fanned worries about recession and demand in the world's biggest energy consumer, dealers said. In afternoon trade, New York's main contract, light sweet crude for delivery in February, was 71 cents lower at $97,20 a barrel.