Crude oil rose above $110 a barrel to a record in New York after the dollar weakened to an all-time low against the euro, prompting investors to buy commodities.

The dollar fell to $1.556 per euro, the lowest since the currency’s 1999 debut. The declining U.S. currency has spurred investors to move funds into commodities such as oil and gold. Prices fell earlier after a government report showed that U.S. oil and gasoline supplies rose.