Oil prices break fresh record high at $110

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LONDON, Mar 11 (Agencies): Oil prices struck a record high of 109.72 dollars per barrel Tuesday after the dollar hit a fresh all-time low against the euro and amid persistent energy supply concerns.
The rise comes as International Energy Agency is warning that there is unlikely to be much relief from current high oil prices because of brisk demand in China and other emerging markets.
Light, sweet crude for April delivery briefly climbed to $109.20 a barrel in electronic trading on the New York Mercantile Exchange by midday Tuesday in Europe.
The contract later fell back to $108.75 but that is still 54 cents above the previous high set on Monday.
New York's main oil contract, light sweet crude for delivery in April, soared to the historic level, beating the previous peak of 108.21 dollar that was set on Monday.
Also Tuesday, Brent North Sea crude for April hit a record high 105.82 dollars on barrel, beating the prior high of 104.42 dollars touched on Monday.
In the foreign exchange market, the European single currency surged to a record high 1.5495 dollars.
A weaker US currency tends to increase demand for dollar-denominated oil as it becomes cheaper for buyers using stronger currencies.
Oil prices are also heading higher because investors are seeking a safe place for their cash amid fears of rising inflation and a US recession, analysts said.