Oil prices surged to a record peak above $99 today on the back of the falling US dollar and tight global crude supplies.
They failed to top $100, despite official data which showed that US energy stockpiles fell greater than expected last week.
In early trading, New York's main contract, light sweet crude for January delivery, rocketed to a historic $99.29.
Following the release of data on US energy inventories, the contract stood at $98.19 per barrel, up 16 cents from Tuesday's close.
In London, Brent North Sea crude for January delivery jumped to an all-time pinnacle of $96.53 per barrel and later stood at $95.76, up 27 cents.
The department added that US reserves of distillates, including crucial heating fuel and diesel, dived by 2.4 million barrels last week. That was far heavier than market expectations for a drop of 450,000 barrels.
Oil prices were also winning support from a troubled dollar, which dived to a fresh record low point against the euro. The European single currency surged to an historic high of $1.4855, as the US currency was hit by renewed worries about the outlook for the American economy, analysts said.
A weak dollar encourages demand for commodities like oil, which are priced in the greenback, because they become more attractive to investors using stronger currencies.
