Crude oil futures rose to a record $110.70 a barrel as the sinking value of the dollar attracted investors to commodity markets.
The dollar fell below 100 yen for the first time in more than 12 years today after a Carlyle Group debt fund moved close to collapse, raising concern of more financial turmoil. The tumbling dollar has drawn investors to the crude market as commodities become cheaper for buyers with other currencies.
``It's all down to financial market activity,'' said Simon Wardell, energy research manager with Global Insight Inc. in London. ``The weak dollar makes dollar-oil much cheaper for people.''
Crude oil for April delivery rose as much as 78 cents, or 0.7 percent, to $110.70 a barrel on the New York Mercantile Exchange today. The contract traded at $110.62 a barrel at 11:55 a.m. London time.
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