Oil prices top $93 a barrel Weekly Report

Geopolitical news and a weak dollar continues to be factors in driving oil prices. The dollar’s descent against major currencies has drawn investors to crude futures as a hedge against the weakening currency and made dollar-denominated oil futures less expensive to people dealing in other currencies. Analysts note the price of oil is closing in on the inflation-adjusted highs hit in early 1980. Depending on the how the adjustment is calculated, $38 a barrel then would be worth $96 to $101 or more today.