Oil prices hit another all-time high

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US light crude was trading at $124.64, up 95 cents, after hitting an overnight peak of $124.73. London Brent was up $1.23 at $124.07 after yesterday's record $122.84 close.

Despite the continuing rises in oil prices, oil cartel Opec says supplies are adequate. However, it agrees with a Goldman Sachs assessment earlier this week that crude could reach $200 a barrel this year.

Opec secretary general Abdalla Salem El-Badri says that an inflow of speculative funds to the markets are making oil prices increasingly volatile. He said oil stocks remained above the five-year average.

Goldman is expecting tighter supplies as Chinese and Indian demand increases. The rise also comes during the traditional US summer "driving season" when consumption spikes.

Beijing is building a raft of refineries, and both it and New Delhi are competing with traditional heavy users like the US, Europe and Japan for supplies.

Political uncertainty is also causing concerns with Middle East unrest and production problems caused by militants in Nigeria.

Rising oil prices are beginning to cause fears among economists that inflation will be driven up, despite growing economic weakness in key markets such as the US.