In the space of one month, West Texas Intermediate (WTI) has been up by nearly $20 per barrel (/bbl). WTI for April delivery rallied by 2.2%, to reach a new record of $107.44/bbl in late-morning trading in New York.
In London, prices for ICE Brent crude climbed 0.4% to $102.81 a barrel on London's ICE Futures Europe exchange. Futures reached a record $103.98 a barrel on March 7.
"The sliding dollar and the flocking of speculative interests towards energy as an inflation hedge have been key