Oil set a new record high of a barrel on Tuesday, the latest spurt in an advance that has seen prices double over the past 12 months. Supply disruptions in Nigeria, where a strike and attacks by militants has hit production, have helped boost a market that is nervous about any threats to supply.
Oil set a record above a barrel on Thursday as a drop in United States gasoline inventories raised concern of tighter supply and a weak dollar boosted investor demand for commodities. A US government report on Wednesday showed a surprise drop in crude inventories and a larger-than-expected decline in stocks of petrol.
Oil struck a new record high above a barrel on Wednesday, buoyed by the weak dollar, inflows of speculative money and long-term constraints on supply. US crude was 53 cents higher at ,32 a barrel by 9.43am GMT, just below a fresh peak of ,41. Wednesday’s price is more than three times the average price of 2002, when oil’s rally began.