The price of US crude oil surged today to the highest level for almost one year, supported by market expectations of falling US energy stockpiles.
New York's main contract touched $77.43 - which was last seen August 8, 2006. It later stood at $77.32.
In London Brent North Sea crude for September delivery added 58 cents to $76.32 per barrel.
Traders are waiting for a crucial inventories report from the US Department of Energy tomorrow, which is widely expected to flag another decline in American crude reserves.
That could push the New York crude price beyond its all-time record of $78.40, which was set in July last year.
London Brent meanwhile remains €2 beneath its August 2006 record high of €78.64.
Organisations such as the International Energy Agency have repeatedly called on OPEC to boost production of crude oil to meet voracious demand.
But the cartel has refused to do so, saying any shortage of petrol and other refined products is due to a lack of refining capacity, not of crude.
