Euro Hits New High; Oil Nears $80 a Barrel
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The dollar fell to an all-time low against the euro and oil prices hit a record, suggesting higher prices for imports.
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LONDON : The euro hit a new record high of 1.3336 dollars in European trading following publication of disappointing US consumer confidence data.
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European stocks hit a new 2-1/2 year  high on Tuesday as a slide in oil prices and a rise in the  dollar fueled confidence in the global economy, but a glum  Christmas report from Woolworths weighed on UK retailers.
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Oil prices today hit a new high amid fears over low fuel stocks as winter approaches and renewed concern about the security of supplies.
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As the euro rose above $1.42 to a new high against the dollar, the price of crude oil also hit a record, briefly surpassing $90 a barrel in after-hours electronic trading.
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The price of New York crude hit a new record peak above 81 dollars on Tuesday ahead of a US interest rate call and as traders fretted over US energy supplies in the winter season.
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Oil prices surged to a new high above  $47 a barrel on Wednesday on evidence that energy costs are not  substantially slowing the economic growth that fuels oil  demand.
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The euro traded above $1.40 for the first time since the common European currency was introduced.
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Higher oil and food prices push up inflation in the eurozone to its highest in more than six years.
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Oil prices soared to new highs on both sides of the Atlantic today as traders fretted over increasingly short supplies. The cost of crude in New York broke through the
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Crude oil prices vaulted to a record high near $80 a barrel on Wednesday as dealers focused on tight inventories in top consumer the United States ahead of peak winter demand.
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The European Central Bank upgraded Thursday its forecasts for oil prices both this year and next year. The guardian of the euro expected the price of oil to average 36.
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Oil prices surged to a new high above $47 a barrel on Wednesday on evidence that energy costs are not substantially slowing the economic growth that fuels oil demand.
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Oil held near $80 a barrel after earlier rising to its third record high in as many days on Friday amid concerns over low inventories of fuel in consuming nations.
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OIL futures prices rose in Europe today amid concerns about heating oil supplies at the beginning of the Northern Hemisphere winter.
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Oil rose to an all-time high of $80.20 on Thursday after Hurricane Humberto forced the closure of some U.S. Gulf refiners and stoked concerns of fuel shortages this winter.
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The euro rose to a new all-time high of $1.3467 in early trading in London this morning. The single currency later fell back slightly to $1.3452.