By Mark Shenk
March 13 (Bloomberg) — Crude oil rose to a record $111 a barrel in New York as the sinking value of the dollar attracted investors to commodity markets.
The dollar dropped below 100 yen earlier today for the first time since 1995 and declined to a record low against the euro. Investors looking for higher returns have flocked to commodities. Oil surged 90 percent over the past year as the Standard & Poor’s 500 Index dropped 4.4 percent.
“Energy trading continues to be dollar dominated,” said John Kilduff, senior vice president of energy at MF Global Ltd. in New York. “The reverberations from the credit markets and U.S. economic policies are creating an inflation wave in hard assets and traditional inflation havens.”