Crude oil price rally propels commodity currencies

London

THE Australian and Canadian dollar rose on Tuesday, aided by a surge in oil prices to five-month highs that lifted most commodity-linked currencies.

Oil prices have rallied on expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and US sanctions against Iran and Venezuela, although energy prices slipped slightly on Tuesday. The Australian dollar added 0.3 per cent to US$0.7151 after earlier touching a three-week high.