The price of oil was close to hitting a new world record on 26/2/2008. The US crude increased the trading price by $.22 (for a barrel). Non-dollar denominations are getting attracted to the oil. Traders betting that the Federal Reserve will have to cut the rates below 3% will prevent the US economy from falling down made the euro hit high with $1.50.
On the other hand, investors are putting there money in other sources such as metals which is safer than the other sources. The daily bases recorded that gold, platinum, and wheat prices have reached the record which affected the oil price.
In my opinion, the euro rising against the dollar makes price increases in the US but it doesn’t affect the basics of the oil market.
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