Oil price surge to hit weak dollar

RISING oil prices will damage the US dollar, a leading economist warned yesterday.

America is the Western world’s most voracious consumer of oil and, as it hits new record highs, the implications for the US are serious, warned Ulster Bank Markets economist Niall Dunne.

The impact of dearer oil on disposable income has implications for US growth and will add to the dollar’s woes going forward, Mr Dunne said.