The new excuse – supply and demand concerns.
“We’ve seen an about-face turn on the dollar in the last couple of days,” said Mark Pervan, senior commodity strategist at Australia & New Zealand Bank in Melbourne.
“It looked like it was starting to recover, but I think there’s a less certain outlook at the minute and … enough reason to be buying commodities as a currency hedge again.”
Investors forecast commodities such as oil to be less expensive to buyers dealing in other currencies, because of a weak U.S. dollar.
Tuesday’s high was the 10th time in the last 12 sessions that crude prices have hit trading or closing records, or both.