Why Oil Prices Are at a Record High

Robust demand for crude and a weak dollar have fuelled the rally from a dip below $50 at the start of 2007. Adjusted for inflation, oil is now above the $101.70 peak hit in April 1980, according to the International Energy Agency, a year after the Iranian revolution. DOLLAR WEAKNESS The fall in the value of the dollar against other major currencies has helped drive buying across commodities as investors view dollar assets as relatively cheap. It has also reduced the purchasing power of...Full Story
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