Oil prices soar on back of weak dollar

Oil prices hovered near 31-month highs as a weak dollar and violence in North Africa and the Middle East outweighed concerns about slowing growth in the US.

On its last trading day of April, US crude was heading for an eighth consecutive month of gains, the longest run of monthly increases since 1983.

US crude was up 41 cents, at $113.27, a barrel, the highest since the close on September 22, 2008.

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Brent futures also rose 44 cents, to $125.46, less than $2 short of its 2011 high of $127.02, reached on April 11.

Both US and Brent crude recouped losses posted earlier on Friday after Eurozone data showed the inflation rate rose further above the European Central Bank’s target in April.

The data increased the chances of another interest rate rise in the Eurozone in June and helped push the dollar index to a fresh three-year low against a basket of major currencies.

The geopolitical concerns in North Africa and the Middle East still remain, with the conflict in Libya seemingly at an impasse and Syrian unrest increasing daily.