Strong demand for crude and a weak dollar have fuelled the rally from a dip below $50 at the start of the year. Adjusted for inflation, oil is still below the $101.70 peak hit in April 1980, according to the International Energy Agency, a year after the Read More…

World oil prices hit a new record in Wednesday’s trading, hitting $99.29 a barrel before easing downward. That is 67 cents above the previous record, which was set on November 7. Traders say the soaring prices stem from the declining value of the U.S. Read More…