Crude soared above $112 for the first time in 30 months, while London-based Brent oil climbed to $126 on doubt that Libyan oil supplies will return when fighting ends. Meanwhile, the other major driving force that sent May oil muscling to an intraday high of $112.86/bbl was the weakening US dollar, which fell to the lowest level against the euro in more than a year after the European Central Bank increased interest rates for the first time in almost three years to rein in inflation.
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