London: Oil prices reached a record high of USD 109.85 per barrel today as the dollar hit a new all-time low against the euro.

New York's main oil contract, light sweet crude for delivery in April, soared to the historic level, beating the previous peak of USD 109.72 that was set on Tuesday.

Also today, Brent North Sea crude for April hit a record high USD 106.39 per barrel, beating the previous high of USD 105.82 reached Tuesday.

After spiking to new heights, New York crude was trading at USD 109.21,up 46 cents on Tuesday s close. Brent gained 83 cents to USD 106.08 per barrel.

The dollar meanwhile plunged to an all-time trough of 1.5514 to the euro following publication of strong eurozone industrial production figures.

Source : PTI