Oil surged more than 2% past $95 a barrel today as strong US economic data reignited a rally that has added 40% to prices since August.
US oil gained $2.22 to $95.71 a barrel by 6.30pm (Irish time), while Brent crude rose $2.35 to $92.07 a barrel.
Concerns about tight supplies ahead of the Northern Hemisphere winter, the falling US dollar, and rising speculator buying have helped send oil prices to a record $96.24 a barrel this week.
The price of oil soared to dizzy heights after news of tumbling crude reserves in the US, the world's biggest energy consumer. The market was also roiled by geopolitical tensions between Turkey and crude producer Iraq.
Since the start of October, New York crude has gained about $13 in value and London Brent about $12.
But prices ended yesterday with losses as traders took profits - and tracked plunging global stock markets amid renewed worries over the extent of the US sub-prime or high-risk mortgage crisis.
