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

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.