Dollar low helps push crude to new record

West Texas Intermediate (WTI) for May delivery, a contract which expires today, closed up $1.89, or 1.6%, at $119.37/bbl, a record closing price.

Brent crude for June settlement gained $1.52, or 1.3%, to close at a record $115.95 /bbl on London's ICE Futures Europe exchange. The contract touched an all-time intraday high of $116.75/bbl.

Addison Armstrong, director of market research at TFS Energy said that dollar weakness was “once again providing an impetus for a push to record high prices,”

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