Oil prices surged to a record high of close to 112 dollars in Asian trade on Monday, as the US currency's continued drop triggered a rush of funds into commodities.
Oil prices surged to a new high in Asian trade Monday of nearly 112 dollars as the US currency slumped to a fresh low against the euro, sparking a rush of funds into commodities, dealers said.
In late afternoon trading, New York's main contract, light sweet crude for April delivery briefly traded at 111.80 dollars a barrel before easing to 111.55 dollars.
The contract closed Friday during floor trading at the New York Mercantile Exchange at 110.21 dollars.
New York oil prices' latest record-setting mark came as the euro rose to a lifetime peak of 1.5905 dollars in Asian trading Monday while the US currency fell to as low as 95.75 yen, a bottom not seen since September 1995.
The dollar's continued plunge has triggered a flood of funds into commodities such as oil which are seen as safe havens amid rising concerns over the US economy and financial turmoil from a global credit squeeze.
Date created : 2008-03-17