Oil Price Approaches $104 Mark on Monday
NEW YORK — While the dollar weakened to another low against the euro today, oil prices rose to a record high. Light, sweet crude for April delivery was trading up $1.93 to $103.77 a barrel on the New York Mercantile Exchange, the AP reported. Earlier, the price was as high as $103.95.
The dollar's slump against other world currencies continues to drive up oil prices. Oil futures, bought and sold in dollars, are more attractive to foreign investors when the dollar is falling.
In London, Brent crude futures rose $2.07 to $102.17 a barrel on the ICE Futures exchange, the AP reported.