The weakness of US dollar has surged the price of oil last week. The dealers said that the demand of fuel in Europe and midst part of US paved way for the raise in the price of the crude. The US crude profited $1.65 to $100.88 per barrel. The London Brent Crude touched the European bench mark record of $99.75 and ended at $99.47.

                Mark Waggoner, the president of Excel Futures Inc, said that the main reason for the sky rocketing of fuel prices is due to weakening of the dollar. Ralph Preston

Senior market analyst expected the price explosion even in commodities. The weakened dollar value slumped US consumer confidence to its worst level creating fears regarding the economic conditions.

                  Because of the influence of cold weather OPECS president expected that the members would not agree to raise the production. In US the supply of crude oil has increased by 2.5 million barrels. Reuter poll industry analysts also predicted a decline in production and imports of crude oil due to the cold weather.

                 As per the expectations done, due to the cold weather, the price of oil has been declined. US Energy Department of energy Information Administration report says that the rate of decline distillate stocks has ended .The EIA report expected to show its seventh week of gain of crude oil stocks.

                 After settling at a record of $2.7853 the heating oil lost $0.19 cents to $2.7834 per gallon. It was noted by the analysts that the investors, who invested heavily in crude oil had contributed instability in market, expecting that prices would rise continuously. The gasoline and natural gas prices had fallen to $2.3569 and $9.152 respectively.