06 Apr '11, 8pm

Oil prices push higher on Libya, weaker dollar

NEW YORK: The price of oil crossed $109 a barrel in New York for the first time in two and a half years on Wednesday amid concerns about the war in Libya and as the dollar weakened against the euro. New York's main contract, light sweet crude for May, closed at $108.83 a barrel, up 49 cents from Tuesday. Earlier the benchmark West Texas Intermediate (WTI) contract hit $109.15 - a level last seen in September 2008. London's Brent North Sea crude for May delivery reached $123.37 a barrel - the highest level since early August 2008. Brent settled at $122.30 a barrel, a gain of eight cents from Tuesday's closing level. "A key influence on the market has been a stronger euro," said Matt Smith of Summit Energy, noting the correlation between a weakening dollar and dollar-denominated oil. The dollar is at its lowest level since January 2010 against the euro. The decline in the gr...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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