Oil price above 113 dollars for first time

The price of New York crude oil surged to a record high of 113.09 dollars a barrel as a weak US currency is making crude cheaper for foreign buyers.

The price of New York crude oil on Tuesday surged to a record high of 113.09 dollars a barrel as a weak US currency is making crude cheaper for foreign buyers.

HT Image

Oil prices also moved higher on a tightening of energy supplies, while on Tuesday the crude-producing cartel OPEC left unchanged its 2008 estimate of growth in world oil demand.