Crude nears US$75

Oil prices neared new highs for the year Tuesday as the U.S. dollar slipped against other major currencies, demonstrating how much the weakened U.S. currency can affect consumers globally.

Oil prices neared new highs for the year Tuesday as the U.S. dollar slipped against other major currencies, demonstrating how much the weakened U.S. currency can affect consumers globally.

The U.S. dollar index, where the U.S. currency is measured against other major currencies, hit a 14-month low Tuesday. Because crude is bought and sold in dollars, it essentially becomes cheaper for international investors who have flooded into energy markets despite a big surplus of oil.

Energy experts expect the U.S. government will report Thursday that crude supplies are still growing. That does not appear to be a deterrent for many investors because the dollar is so weak.

Benchmark crude for November delivery gained 88 cents to settle at US$74.15 on the New York Mercantile Exchange. At one point, prices reached $74.47, just short of the $75 reached on Aug. 25, when the driving season was still in full swing.

Prices have now risen for four straight days and a barrel costs four per cent more than it did one week ago.

Natural gas, which is not sold only in U.S. dollars, tumbled 29.2 cents, nearly six per cent, to $4.588 per 1,000 cubic feet on Nymex.

Retail gasoline prices in the United States remain comfortably low.

In Canada, the price of gasoline averaged 95.9 cents per litre, down from $1.009 a month ago and $1.138 at this time last year, according to

Just Posted

WATCH: Central Albertans learn about farm life at Sunnybrook Farm Museum

Pioneer Days Festival in Red Deer Saturday-Sunday

Number of seniors who play bridge in Red Deer growing

Red Deer Bridge Club has been around for close to 60 years

PHOTOS: Buccaneers battle Wolfpack in AFL semifinal

The Central Alberta Buccaneers battled the Calgary Wolfpack in the Alberta Football… Continue reading

Raising awareness for Bikers Against Child Abuse

Second annual Raise A Ruckus Against Child Abuse was held at the Red Deer Radisson Hotel Saturday

Central Alberta Yogathon cancelled Saturday

Due to air quality concerns the fourth annual event will take place Sept. 15

VIDEO: Central Albertans learn about Icelandic poet at Stephansson House

Harvest Fair and Quilt Show hosted at Stephansson House in Spruce View Sunday

Trump says his White House counsel not a ‘RAT’ like Nixon’s

BRIDGEWATER, N.J. — President Donald Trump insisted Sunday that his White House… Continue reading

Wildfire moves closer to Glacier National Park’s scenic road

MISSOULA, Mont. — A wildfire in Montana’s Glacier National Park is forcing… Continue reading

Prime Minister Trudeau, Premier Couillard march in Montreal’s Pride parade

MONTREAL — Thousands of cheering spectators lined the streets of Montreal on… Continue reading

All eyes on Andrew Scheer as Conservative convention set for Halifax

OTTAWA — After a week of internal caucus squabbles, Conservative Leader Andrew… Continue reading

Canadians fear for relatives trapped amid flooding in Indian state of Kerala

In the wake of deadly flooding in the Indian state of Kerala,… Continue reading

Indonesia’s Lombok island jolted by multiple quakes

SEMBALUN, Indonesia — Strong earthquakes jolted the Indonesian tourist island of Lombok… Continue reading

Afghan president calls for Eid cease-fire, Taliban to reply

KABUL — Afghan President Ashraf Ghani has called for a conditional cease-fire… Continue reading

Montreal may have less influence after October provincial election

MONTREAL — When Coalition Avenir Quebec Leader Francois Legault recently dismissed the… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month