Dollar low helps push crude to new record
Crude Oil reached a new record of $119.90 a barrel on the New York Mercantile Exchange (Nymex) today amid ongoing supply concerns and a new record low for the US dollar against the Euro, leaving investors looking for an inflation hedge.
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,” in
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