Oil prices have soared to record highs, lifted by strong demand and a further decline in the dollar. US crude jumped $3.10 a barrel to $102.74, beating the previous record $102.08 set on Wednesday. London Brent crude gained $2.83 to $101.10 a barrel.
The US dollar dropped to an all-time low against the euro after figures confirmed weak US growth in the final quarter of 2007. Prices of dollar-denominated commodities tend to rise when the currency weakens.
Also boosting prices, output at Nigeria's Brass River crude stream was cut by 20,000 barrels a day this week due to sabotage on a pipeline, Italian oil firm Agip said. The leak was fixed on Wednesday and output was restored.
News that a fire hit the Bacton natural gas terminal in Norfolk, England, where the interconnector pipeline links Europe with the UK, accelerated oil's gains in late trading.
