Oil hits $109.20 as record high for fifth day in a row
Güncelleme Tarihi:
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. Therefore the prices rose to a record high for the fifth day in a row.
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.
IEA REPORT
World oil demand will be less than expected this year because of slower economic growth in industrialised countries and record prices, the International Energy Agency said on Tuesday.
The latest monthly report from the IEA adds to evidence that a slowing economy in the United States and record oil prices above $100 a barrel are denting fuel consumption in some of the world's biggest economies.
But the IEA also said that the baseline for oil prices has moved higher and that only a severe world recession would send oil back below $60 a barrel for a sustained period. Oil has climbed from below $20 in early 2002. "We are in an era of higher oil prices, and so if we look at $100 oil we have to do so with an understanding that prices are unlikely to return to levels seen in the early part of this decade," it said.