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Oil prices have continued to rise today, jumping to as high as $109.70 earlier in the day, and currently sitting at $109.62. Fueling today's charge is, once again, the weak dollar. Yesterday, the euro set yet another record high against the U.S. dollar, moving up as high as $1.5464.
Also bringing money into oil today was a report from the International Energy Agency stating that demand for oil is going to remain high, due to growing demand in emerging markets, most notably China. Along with China, India continues to keep high demand. Both countries are going to remain large consumers as a result of the fact that they have fuel subsidies that reduce incentives for conservation.
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