Oil prices hit two and a half year high

Oil prices have jumped to a two and a half year high on fresh fears about supply and a weaker dollar.

Brent crude rose to $123.93 a barrel, while US light crude rose to $111.30, the BBC reports. Other commodity prices also benefitted from the fall in the US currency. A weaker dollar makes commodities cheaper for investors holding other currencies. Gold hit a new record of $1,468.30 an ounce, while silver went to $40.21 an ounce, its highest since 1980. The dollar fell to a 15-month low against a basket of currencies. The pound was at $1.6427, while the euro was at $1.4422. The euro has risen in recent weeks on expectations interest rates in the eurozone would rise. On Thursday t...