Another record high
The price of a barrel of oil hit a record high of $102.59 in New York due to strong demand and the further weakening of the dollar.
The weakening of the US currency and the prospect of lower interest rates pushed up the oil price. Crude oil prices are now very close to the inflation-adjusted high set in 1980, which peaked at $102.53 in April 1980, after taking inflation into account.
The oil price was also driven higher by supply concerns due to a fire at the Bacton gas terminal in Norfolk.
The US dollar continued to weaken on Thursday, hitting an all time low against the euro of $1.52. This drove investors to direct their investments into the the energy markets. They also continued to turn to metals, often regarded as safe havens, with gold, silver and palladium hitting historic levels.
Credits: Jarvis
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