Crude oil rose above $110 a barrel to a record in New York after the dollar weakened to an all-time low

Crude oil rose above $110 a barrel to a record in New York after the dollar weakened to an all-time low verses the euro, prompting investors to purchase commodities. The dollar fell to $1.5526 per euro, the lowest since the currency's 1999 debut. The declining U.S. currency has spurred investors to move funds into commodities such as oil and gold. Prices fell earlier after a government report showed that U.S. oil and gasoline supplies rose. ``We've rebounded on the decline of the dollar once again,'' said Tim Evans, an energy analyst at Citigroup Global Markets Inc. in New York. ``People are buying oil as a hedge against the weakening U.S. dollar or perceived inflation risk, not because of any shortage of oil.''