Oil prices rallied more than $3 a barrel to their highest level in 10 weeks, leading a surge in commodity markets on the back of stronger than expected US employment data and a sharp fall in the dollar.
The price of benchmark Brent crude oil futures rose as much as $3.23 to a peak of $109.13 a barrel on Friday yesterday afternoon. Brent closed yesterday up $3.04 to $108.94.
The rally came as the dollar weakened 1.2 per cent against a basket of currencies, helping to trigger a sharp rise in commodity prices. A weaker dollar supports commodities, which are nearly all priced in dollars, by making them cheaper for non-US consumers.
Oil prices have risen 23 per cent from a low of less than $90 a barrel in mid-June, rallying 2.5 per cent over the past week.