The price of oil broke the $71 marker for the first time in three years on Thursday, buoyed by a falling dollar.
Brent crude, the international benchmark, rose 0.7 per cent in Asia trading to reach $71.03 a barrel, its highest since late 2014. It has now added 4.65 per cent this year. It is now trading at $70.75 a barrel.
The move came as the US currency dipped to a fresh three-year low after the US Treasury secretary backed the trend for a weaker dollar.
Speaking at the World Economic Forum, Steven Mnuchin said: “A weaker dollar is good for us as it relates to trade and opportunities”.
Mr Mnuchin’s comments sent the dollar index, a measure of the greenback against major peers, to its lowest since December 2014.
West Texas Intermediate, the key US oil price, was up 1.1 per cent at $66.31 a barrel, its highest since 2014, as a fall in US oil inventories further bolstered oil prices.