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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