Oil up .. Dollar down..

The WorldWatch group has reached the conclusion that the present world crude/dollar situation is directly associated to the greed and stupidity of the crude exporters (OPEC) and America and traders, we've rebounded on the decline of the dollar once again ...crude oil rose above $110 a barrel to a record in New York after the dollar weakened to an all-time low against the euro, prompting investors to buy commodities, people are buying oil as a hedge against the weakening U.S. dollar or perceived inflation risk, not because of any shortage of oil.

The dollar fell to $1.556 per euro, the lowest since the currency's 1999 debut. The declining U.S. currency has spurred investors to move funds into commodities such as oil and gold.
Crude oil for April delivery rose to settle at $109.92 a barrel at 2:50 p.m. on the New York Mercantile Exchange, after dropping as low as $107.09. Oil touched $110.20 a barrel, the highest intraday price since the futures began trading in 1983.

Brent crude for April settlement rose to close at a record $106.27 a barrel on London's ICE Futures Europe exchange. Futures reached $106.41 a barrel today, an intraday record.
Interest in the contract has climbed this week, peaking yesterday, when traders were holding options to sell 2.52 million barrels of crude at $105 each. Oil closed above $105 a barrel for the first time on March 6.