Oil prices are still rising

12 March 2008

Oil prices are continuing to rise, with yesterday's trading representing a fifth consecutive day of price hikes.

Many economists are blaming the weakening dollar as a cause of the surging values, with oil yesterday peaking at $109.72 (£54.72) a barrel, Bloomberg reports.

After dropping slightly, crude oil values currently stand at $108.87 a barrel as the Euro hit an all time high against the dollar yesterday.

Director of the Centre for Strategic and International Studies Frank Verrastro told the news source that the falling dollar "has a lot to do with the rise in prices".

"People are looking at the oil market as a safe place to park their money in this time of economic uncertainty. The end users of oil are not major participants in this market," he said.

The Organisation for Petroleum Exporting Countries has so far not heeded calls to alter its output in light of the soaring prices.

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