LONDON (SHARECAST) - Crude oil prices have fallen back slightly after hitting a one-year high above $80 a barrel.
It reached $80.05 a barrel on the New York Mercantile Exchange (NYMEX), its highest level since October 2008, as the dollar continued declining against other major currencies, prompting investors to seek refuge in commodities.
However, it then fell back to $79.06 a barrel after the dollar rebounded slightly against the euro and OPEC, the cartel of oil producing countries, said it prefer not to see oil rise to $100 a barrel.
The US dollar is currently trading at less than $1.50 a euro.
Crude oil prices reached $147 a barrel last summer but then slid below $40 a barrel following the global economic slump that accelerated towards the end of 2008.
The declining dollar has also continued to fuel demand for gold as an alternative investment.
December gold futures rose to $1,063 an ounce on the NYMEX.
