The price of oil hit a record high above $135 a barrel on Thursday - more than twice what it cost a year ago.
The latest surge was driven by data showing that US supplies of crude had fallen - but the price later fell back sharply as traders took profits.
In the US, the benchmark light, sweet crude contract hit $135.09, taking its gain for the year to more than 40%. In May 2007 it was priced at about $65.
Higher oil prices push up the price of fuel, energy bills and food.
The path of UK petrol and diesel prices
The average price of a litre of unleaded petrol in the UK is now about 114 pence, and diesel has risen to an average of about 126.4 pence per litre. Read full story on this site.
The latest surge was driven by data showing that US supplies of crude had fallen - but the price later fell back sharply as traders took profits.
In the US, the benchmark light, sweet crude contract hit $135.09, taking its gain for the year to more than 40%. In May 2007 it was priced at about $65.
Higher oil prices push up the price of fuel, energy bills and food.
The path of UK petrol and diesel prices
The average price of a litre of unleaded petrol in the UK is now about 114 pence, and diesel has risen to an average of about 126.4 pence per litre. Read full story on this site.
source: bbcnews
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