Oil prices hit new highs for the year Wednesday just as the dollar fell to new lows against the EUR, showing how much the weak U.S. currency has come to dominate energy markets. The run-up in prices came within minutes of a government report showing that crude supplies in the United States are growing and that refiners are producing very little gasoline because consumers aren't using as much.

Even though the amount of crude oil in storage is well above normal for this time of year, it seems any movement in the dollar pushes more value into oil, raising prices further. Crude is priced in dollars, so it gets more expensive as the USD falls.