Crude oil prices hit $137 a barrel for the first time this evening, jumping more than $9 on the day as the market reacted to a sharp decline in the US dollar.
US crude touched an all-time high of $137.70, up $9.91 from Thursday's close. In London, Brent North Sea crude jumped $9.81 to hit a record high of $137.35. Both had set their previous records just above $135 on May 22.
The dollar had slumped after news that the US unemployment rate jumped unexpectedly in May. The weakening dollar boosts oil prices because it makes crude relatively cheaper for buyers using other currencies, analysts say.
Crude oil had already soared more than $5 a barrel on Thursday as the market rebounded strongly from losses earlier this week.
