Oil prices shoot up
Posted by admin . Published on 16 February 2010, Received
The price of oil has risen sharply as the dollar, the currency in which the commodity is priced, weakened against the pound and the euro.
US light crude rose $3.06 to $77.19 a barrel at one point on Tuesday, its biggest daily rise in more than four months. It finished the day at $77.01.
Meanwhile, London Brent settled up $3.17 at $75.68 a barrel.
The dollar was down more than a cent against the euro to $1.3766. Against the pound it fell to $1.5789.
A weaker dollar makes oil cheaper for buyers in other currencies.
Oil prices were “supported by a weakening US dollar as the euro strengthened,” said Myrto Sokou, oil analyst at Sucden Financial.
