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Oil hit a record high near US$106 this morning, fueled by the weak US dollar and Opec's decision to hold crude output steady.
US oil jumped 43 cents to US$104.95 a barrel by 1908 GMT, off the record US $105.97 a barrel struck earlier in the day.
London Brent crude rose 50 cents to US$102.14 a barrel, after hitting a record US$102.95.
The gains came after a fall in US crude inventories and the Organisation of the Petroleum Exporting Countries' agreement to maintain production levels pushed oil to settle up US$5 yesterday.
A rise in speculative buying as investors seek a hedge against inflation and the tumbling dollar have also helped propel oil to record levels.
- REUTERS
