US Dollar under pressure!

Oil prices hit a record above USD109 per barrel as dollar weakness triggered buying, extending a rally which has seen the price of crude surge around 15pc in just one month. New York's WTI crude for April delivery was up 1.07 usd at 108.97 usd per barrel, having hit a record of 109.20 usd. In London, Brent crude for April delivery was up 1.01 at 105.17 usd per barrel, having hit a record of 105.40 usd earlier. A weaker dollar, which again hit a fresh record low against the euro and is vulnerable to further weakness, helped the rally. Commodities priced in the dollar have become relatively cheaper for those trading in stronger currencies, which has induced buying.
Prices were already well underpinned, as investors continued to favour the commodity sector, which is offering them better returns than ailing equity markets.