Oil prices at record of 109.20 dollars, Euro hit new high amid US money printing

Ishara S. Kodikara | AFP | Getty Images Sri Lanka Prime Minister Ranil Wickremesinghe, center, speaks to supporters at the prime minister's official residence in Colombo on December 16, 2018, after he was reappointed as prime minister by Sri Lanka's president, the same man who fired him from the job nearly two months ago.

LONDON, March 11, 2008 (AFP) – Oil prices struck a record high of 109.20 dollars per barrel on Tuesday after the dollar hit a fresh all-time low against the euro, traders said.

The euro reached a record high of 1.5495 in European tradin. A weaker US currency increases demand for dollar-denominated oil as it becomes cheaper for buyers using stronger currencies.