New Highs for Oil Again: In New York and London

Growing concerns over inflation has had investors flocking to commodities, which has been one of the reasons for the ongoing surge in prices.

With oil being denominated in U.S. dollars, it has helped those buying it up in other currencies as it continues to weaken.

Earlier in the day, crude oil prices for April rose to $111 in New York, a record high before pulling back to 109.65.

Brent Crude in London increased to $107.88, alson a new record, before it also pulled back to 106.72 a barrel.

For oil investors outside the U.S., the increasing fall of the dollar should help them gain some solid profits, and it won't end anytime soon, as the Fed is expected to cut interest rates even further; probably by 0.75 percentage points.

That will cause the dollar to weaken even further, and profits for many other currencies investing in oil to rise. With the fall of the U.S. dollar, you can of course even make money if oil were to stand still in price, and foreign currencies remain strong against it.