AFP - Wednesday, May 13LONDON (AFP) - - The price of New York crude oil surged above 60 dollars per barrel on Tuesday, hitting a six-month high on the back of the struggling US currency, traders said.
The euro soared above 1.37 dollars on Tuesday, hitting the highest level for one and a half months. A weak greenback stimulates demand for dollar-priced crude because it becomes cheaper for buyers using stronger currencies.
Picture of a drilling rig at the Vibora gas field, 800 km east of La Paz, Bolivia. The price of New York crude oil surged above 60 dollars per barrel, hitting a six-month high on the back of the struggling US currency.
From Yahoo! News; see the source article here.
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