Oil prices continue to rise and are currently lingering around US$110 in Asian trade. The new record levels of oil prices can be attributed to the falling US currency, as large investor demand for commodities is on the rise, to hedge against inflation. The dollar has slumped to a 12-year low against the yen and to a new all-time nadir versus the euro. As the dollar devaluation continues, crude that is priced in dollars becomes more affordable for purchasers holding stronger currencies. New York's main contract, light sweet crude for April delivery briefly traded at an intra-day high of US$110.12, but settled below US$110.