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A lower US dollar and tumbling stock markets has helped push the price of crude to US$142 a barrel.
Dealers say money is being pulled out of equities and when that happens it is put into commodities such as oil, driving up the price.
The blood-letting continues on Wall Street today, with the Dow Jones Industrial Average losing another 125 points or 1.10 per cent to 11,327.
Yesterday, it hit a 21 month low, plunging 358 points as Goldman Sachs downgraded its ratings on US investment banks due to the continued deterioration of the banking system.
New Zealand's NZX50 ended the week down 65 points to 3,227.
- NEWSTALK ZB
