Crude futures set another record high Tuesday on weak U.S. dollar.
Light, sweet crude for April delivery settled 85 cents, or 0.8 percent, to 108.75 U.S. dollars a barrel on the New York Mercantile Exchange, after jumping to a record intraday high of 109.72 dollars a barrel overnight.
In London, Brent crude on the ICE futures exchange settled up 1.09 dollars at 105.25 dollars a barrel.
The International Energy Agency on Tuesday slightly cut its projections for world oil demand this year, which it now sees at 87.5 million barrels a day, up 2 percent from 2007.
Meanwhile, the Energy Information Administration said Tuesday it expects a slowing economy and record high oil prices to hold U.S. oil demand growth to just 40,000 barrels a day in 2008, bringing daily consumption to 20.74 million barrels.
The dollar's weakness has fueled much of oil's recent run-up, as investment funds seek a hedge in hard assets.
Light, sweet crude for April delivery settled 85 cents, or 0.8 percent, to 108.75 U.S. dollars a barrel on the New York Mercantile Exchange, after jumping to a record intraday high of 109.72 dollars a barrel overnight.
In London, Brent crude on the ICE futures exchange settled up 1.09 dollars at 105.25 dollars a barrel.
The International Energy Agency on Tuesday slightly cut its projections for world oil demand this year, which it now sees at 87.5 million barrels a day, up 2 percent from 2007.
Meanwhile, the Energy Information Administration said Tuesday it expects a slowing economy and record high oil prices to hold U.S. oil demand growth to just 40,000 barrels a day in 2008, bringing daily consumption to 20.74 million barrels.
The dollar's weakness has fueled much of oil's recent run-up, as investment funds seek a hedge in hard assets.
