Crude oil prices have surged to a record of $109 a barrel, and the International Energy Agency warns that higher prices are here to stay.
The advisory agency said in its monthly report Tuesday that the world's economy is in an era of higher fuel prices, and that the price of oil is not likely to go back below $60 a barrel.
Oil prices have spiked numerous times over the past two weeks, breaking the record high twice on Monday alone.
Oil is priced internationally in dollars and it gains during a soft U.S. economy. A weak dollar also makes those commodities attractive to buyers using stronger currencies.
Also today, the dollar reached a new low against the euro. One euro is worth $1.55.
Some information for this report was provided by AFP, AP and Reuters.
