Oil prices climbed this evening as investors focused on how the world would meet energy demand in the coming months.
US crude rose $1.48 to $102.25 a barrel, while in London, Brent crude rose $1.50 to $119.35.
World oil demand is expected to outpace supplies later this year by the widest margin since 2007.
While OPEC has decided not to officially increase oil production, Saudi Arabia and a few other oil-producing nations are expected to boost exports anyway. Analysts are not sure if this will be enough to meet demand.
Earlier, analysts said a stronger US dollar had limited oil's gains in volatile trade. A stronger dollar makes commodities priced in the US currency less attractive to holders of different currencies.
Some analysts said ECB President Jean-Claude Trichet sounded a slightly less hawkish tone on interest rates than in previous meetings, which pushed down interest rate expectations and made holding the dollar relatively attractive.