Oil prices rose slightly on Thursday after reaching a new record high of $111 a barrel as the dollar continued its steep decline.

The U.S. currency declined to 99.77 yen earlier today for the first time since 1995. It also hit a new record against the euro, trading at $1.5624. Investors are worried about a possible U.S. economic recession and are investing in commodities to compensate for inflation. The Dollar Index, a basket of six major dollar trading partners, fell to its lowest since 1973 when the index was introduced, according to Bloomberg

Dollar continued recording declines despite of a new move from the Federal Reserve to relieve financial and credit markets on Tuesday.

Crude oil futures for April rose 22 cents, or 0.20 percent to $110.14 per barrel at 3:53 p.m. on the New York Mercantile Exchange. In earlier session trading crude hit a new record of $111.00 a barrel in New York.

Brent crude 89 cents, or 0.83 percent to $107.71 a barrel on the ICE Futures Exchange in London. London Brent Crude for April which expires tomorrow touched $107.88 a barrel today.