Oil hit a record high near $106 today as a weak dollar helped prices to extend the previous day's gains.
US light crude for April delivery struck a new record of $105.96 a barrel and was trading $1.05 higher at $105.57 by 11.29am.
London Brent crude was up 84 cents at $102.48, shortly after setting a new record of $102.95.
The dollar fell to a record low against the Swiss franc and hit a fresh trough against the euro on today.
Yesterday, US crude had settled $5.00 higher after US Energy Information Administration data showed a 3.1 million barrel drop in crude stocks, against analysts' forecast for an increase.
Distillate inventories, including heating oil, fell 4.8 million barrels, dropping for the fourth consecutive week as colder weather boosted heating demand in the US Northeast.
Gasoline stocks rose again to another 14-year high.