Open

Coming up

Don't miss

Replay


LATEST SHOWS

ENCORE!

'An American in Paris', a truly transatlantic collaboration

Read more

BUSINESS DAILY

Oil prices 'could fall further' without OPEC output cut

Read more

IN THE PAPERS

How not to argue over Thanksgiving dinner

Read more

IN THE PAPERS

Just how green is François Hollande?

Read more

WEB NEWS

USA: African Americans call for boycott of 'Black Friday'

Read more

AFRICA NEWS

Sierra Leone: UN won't meet December 1st target for containing Ebola virus

Read more

MEDIAWATCH

Sarkozy criticised for comments about former justice minister's origins

Read more

INSIDE THE AMERICAS

Mexico kidnappings: Mother speaks out over missing daughter

Read more

DEBATE

The Pope's wake-up call: How to kickstart 'haggard' Europe (part 2)

Read more

Oil trades at record $111.80

Latest update : 2008-03-17

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

COMMENT(S)