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Commodity Daily News
Crude Oil Prices Continue to Rise
Friday, 8 Apr 2011
The price of oil crossed $111 a barrel for the first time in two and a half years on Thursday amid concerns about war in Libya and as the dollar weakened against the euro.
AFP reported Thursday that an oil field in Libya had been damaged. Furthermore Libyan insurgents as well as civilians stampeded out of Ajdabiya due to rumors that loyalist forces were outside the eastern town, hours after an air strike tore into the rebels' defenses.
In addition, a weaker U.S. dollar tends to boost the price of dollar-priced commodities as it lowers the price to holders of other currencies and reduces the value of the currency oil producers receive of their product.
