Oil price rises set record

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Light, sweet crude for April delivery continued a week of unprecedented rises after fetching 103.05 dollars in electronic trading on the New York Mercantile Exchange. It later fell back to stand just below 102 dollars.

The spike came amid fresh fears of a US recession, leading to expected lower interest rates across the Atlantic.

This has seen investors switching funds from US dollar currency into commodities such as oil and metals to try and maximise their returns.

On Wednesday, oil prices breached 102 dollars a barrel in New York for the first time, with Brent oil futures - the main European price benchmark - also reaching new highs above 100 dollars.

In London, Brent topped the 101 dollars a barrel mark amid the New York surge.

With the record oil costs yet to filter through to petrol pumps, it could spell more agony for motorists, who are already seeing record prices per litre.

Earlier this week the AA said average petrol prices reached an all-time high of 104.85p a litre, compared with 87.27p a litre a year ago. Diesel was also at a record 110.31p a litre, compared with 91.09p a litre 12 months ago.

Oil prices are still within the range of inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated, 38 dollars a barrel then would be worth 96 to 103 US dollars or more today.