Crude Oil Prices Crack $110 as Dollar Falls

Washington, DC, March 12, 2008--Oil prices fell back from an overnight record near $110 a barrel, as the U.S. dollar continued to fall.

And there's likely no short-term relief in sight.

The Fed, the European Central Bank and the Bank of England said they were joining with other central banks to provide more relief in the credit crisis. That likely will have the effect of depressing the dollar further and supporting high oil prices.

Light, sweet crude for April delivery fell to $108.64 a barrel in electronic trading on the New York Mercantile Exchange in Singapore.

On Tuesday, crude futures closed at a record price of $108.75 a barrel.