Oil prices climbed up to 119.37 per barrel on Tuesday (April 22) as the dollar value fell to a new low against the euro.

Light, sweet crude for next month (May) delivery mounted USD 1.89 to settle at record high of USD 119.37 a barrel on the New York Mercantile Exchange (NYMEX).

The euro climbed above 1.60-dollar level for the first time on Tuesday as officials at the European Central Bank (ECB) officials suggested that they will raise interest rates if inflation doesn’t fall. The 15-nation single currency euro reached as high as 1.6018 dollars.

The gasoline futures for the coming month climbed 3.73 cents to USD 3.0164 per gallon, whereas the retail gas prices ascended 0.8 cents suddenly, to a record high of USD 3.511 a gallon.

At the NYMEX, the heating oil futures for May grew 0.55 cent to USD 3.3169 per gallon.

In London, June Brent crude surged USD 1.52 to settle at USD 115.95 per barrel on the ICE Futures exchange.

The natural gas futures for the next month delivery (May) descended 12.6 cents to settle at USD 10.607 per 1,000 cubic feet on the NYMEX.