Crude oil prices have jumped to near record highs on fresh supply concerns, sparked by an International Energy Agency report and geopolitical worries.
US light, sweet crude added $2.86 to $137.21 a barrel, near its record high of $139.12 a barrel reached last week.
Brent rose $2.34 to $136.25, after the IEA cut its forecast for supply growth in oil producing nations.
High oil prices have pushed up fuel costs, which has sparked social unrest in many countries.
There are fears that high petrol costs will feed through to basic living costs around the world and push millions of people below the bread line.
Oil prices have risen about 40% since the beginning of the year when crude hit $100 a barrel.
Russian firm Gazprom, the world's biggest supplier of natural gas, expects oil to reach $250 a barrel in the "foreseeable future".
40 fvcking percent in 5 months! Fvcking hell.
