BRENT CRUDE FUTR (USD/bbl.) 105.010 GAS OIL FUT (ICE) (USD/MT) 950.250 NATURAL GAS FUTR (USD/MMBtu) 10.100 WTI CRUDE FUTURE (USD/bbl.) 109.030
By Grant Smith at Bloomberg
March 11 (Bloomberg) -- Oil futures rose to a record for a fifth day, rising above $109 a barrel in New York, as the sinking dollar drew investors to commodities.
The euro rose to $1.5489 against the dollar, the highest since the single currency's introduction in 1999, after European Central Bank council member Axel Weber said he doesn't see any leeway to lower borrowing costs.
``The weaker dollar has attracted a lot of investors into oil,'' said Thina Saltvedt, an analyst at Nordea Bank AB in Oslo. ``At the same time, emerging market demand is strong.''
Crude oil for April delivery rose as much as $1.30, or 1.2 percent, in electronic trading on the New York Mercantile Exchange. The contract traded at $108.77 a barrel at 11:06 a.m. London time.
Brent crude for April settlement also rose to a fifth consecutive high, gaining as much as $1.24, or 1.2 percent, to $105.40 a barrel on London's ICE Futures Europe exchange
ARQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held