Oil prices rose to an intraday trading record above $112 a barrel Tuesday as the U.S. dollar fell against the euro and crude oil shipments along one U.S. pipeline were said to be operating below capacity. Light, sweet crude for May delivery on the New York Mercantile Exchange rose to an intraday record of $112.80 a barrel in electronic trading by early afternoon in Europe, well above the previous trading high of $112.21 set last week.
Crude's rally this week started with a decline in the dollar against the euro on Monday, analysts said. Crude oil's recent run above $100 a barrel has been largely attributed to a steadily depreciating U.S. currency because a weakening dollar prompts investors to seek a safe haven in hard commodities such as oil and gold. http://news.yahoo.com/s/ap/20080415/ap_on_bi_ge/oil_prices;_ylt=Ag2.rbAanr6IXbdVFDPWc2ab.HQA
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