Oil price reaches six-week high
Oil’s popularity as an alternative investment was boosted this morning (February 22nd), as its value rose following a dip in the dollar.
The commodity climbed to a six-week high after the greenback was affected by reports of financial assistance for Greece.
According to Reuters, US crude for delivery in March was up 42c (27p) to $80.23 per barrel at 07:37 GMT.
Earlier in the day it had reached $80.51, its highest level since January 13th.
’The weak dollar is the biggest driver for crude prices this morning and hopes of a financial rescue for Greece are propping up sentiments,’ Clarence Chu of Hudson Capital Energy explained to the news agency.
News of possible strike action at refineries in France also helped the price to rise, while on the Dollar Index - a measure of the greenback against its global counterparts - the US currency had shed 0.18 per cent.
However oil prices are still some way off the highs reached in the summer of 2008, when values were around $140 per barrel.
