The price of oil continued to climb today as Brent crude rose $146 a barrel for the first time in London.
Brent crude has risen by $2.08 to $146.34 in London trading this morning.
US crude rose as much as $1.00 to an all-time high of $144.57 a barrel, before easing back to $144.19.
Oil has risen more than 50 per cent this year, helped by inflows of speculative money as investors seek to hedge against the falling dollar and inflation.
In the latest of a series of news this week which stoked supply concerns, official data showed US crude oil stocks fell more than expected last week, down 2 million barrels to 299.8 million barrels, putting commercial inventories below 300 million barrels for the first time since January.
Later today, traders will focus on the outcome of a European Central Bank meeting due at 12.45pm, which may result in an interest rate hike that could weaken the US dollar further.
Oil prices have jumped seven-fold since 2002, as demand from emerging economies such as China and India stretches supply growth.