Economics of Dependence on Foreign Oil - Rising Gasoline Prices

Price of petroleum »

Oil rallies nearly $3 a barrel

April-20-2011--NEW YORK -- Oil prices jumped more than $3 Wednesday,

to above $111 a barrel, as the dollar weakened and a government report said US crude supplies fell last week.

After powering above $100 a barrel earlier this year,

oil prices have been trading at the highest levels since 2008.

A weaker dollar tends to support prices for crude oil and other commodities that are priced in the U.S. currency.

The dollar has come under pressure recently as central banks in Europe and Asia have increased interest rates, while the Federal Reserve is expected to maintain its easy money policies for some time.

Oil ends above $111, best in nearly two weeks.

Unreliable Data Further Roil Oil Markets

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