Business | Oil & Gas
Oil hits record high as dollar slides
Crude oil hit a record $111 in New York as a sliding dollar and credit market losses in the U.S. prompted investors to buy commodities.
- Agencies
- Published: 09:23 March 17, 2008
- Investors have been moving to commodities since the dollar slide.
- Image Credit: AP
Singapore: Crude oil hit a record $111 in New York as a sliding dollar and credit market losses in the U.S. prompted investors to buy commodities.
The dollar dropped to record low against the euro and to the weakest in 12 years versus the yen after the U.S. Federal Reserve reduced the discount rate it charges commercial banks.
The cut spurred gold to a record high while Asian stock benchmarks tumbled after Wall Street bank Bear Stearns Cos. sold for less than 10th of its value last week.
Crude oil for April delivery rose as much as $1.21, or 1.1 percent, to $111.42 a barrel in electronic trading on the New York Mercantile Exchange, the highest since trading began in 1983. It was at $111.09 at 12:41 p.m. Singapore time.
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