Oil rises back above $72 a barrel
The dollar's slip and investors acquisition of commodities has seen oil rise above $72 a barrel.
The dollar has slumped today with Russian president Dmitry Medvedev announcing his opinion for the world to adopt new reserve currencies. The slip of the dollar has given way for price increases to crude oil because of the inverse relationship they harbour. The relationship between the two often includes one being bought to hedge the risks of the other's inflation.
The remarks by the Russian president are so profound, that today alone the price per barrel increased USD1.74. He has also gone out on a limb suggesting that Russia and China invest some of their currency reserves in each other's debt instead of buying only US Treasuries.
His comments have the euro exchange rate up at USD1.3895 and the sterling up to USD1.6453.
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The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.