Oil trades at fresh record of 111.80 dollars

Oil trades at fresh record of 111.80 dollars

Oil prices surged to a new high in Asian trade Monday of 111.80 dollars as the US currency slumped to a fresh low against the euro, sparking a rush of funds into commodities, dealers said.

In late afternoon trading, New York's main contract, light sweet crude for April delivery briefly traded at 111.80 dollars a barrel before easing to 111.71 dollars.

The dollar's continued plunge has triggered a flood of funds into commodities such as oil which are seen as safe havens amid rising concerns over the US economy and financial turmoil from a global credit squeeze.