Oil traders say the ratio of global supply to demand is tight

  Crude oil prices hit record levels on Friday, with leading investment bank Goldman Sachs warning the cost of a barrel could eventually top $100.

  Goldman Sachs said that the oil market may be in the early stages of a "super spike", which could push prices as high as $105 a barrel.

  It said strong global demand, allied to potential instability in oil producing countries, could inflate prices.

  US light crude rose as much as $2.40 to $57.70 a barrel in New York.

  By the close, the price had slipped back to $57.27 a barrel.

  The previous high was $57.60, set on 17 March.

  In London, the benchmark contract of Brent crude climbed $2.22, or 4.1%, to $56.51 a barrel.

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