The price of US crude oil surged to a one-year high of almost $76 a barrel this morning as the US dollar weakened again.
US crude stood $75.56, up 38 cents, having earlier hit $75.96. Brent North Sea crude advanced 46 cents to $73.56.
On foreign exchange markets, the dollar earlier tumbled to a fresh 14-month low against the euro, with dealers saying surging global share prices had sparked investor appetite for riskier currencies. The euro went as high as $1.4968.
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A weak US currency stimulates demand for dollar-denominated commodities such as crude oil because they become cheaper for foreign buyers holding stronger currencies.
