Much of the price momentum was sparked by traders fears over whether supplies will be adequate to meet demand for heating fuel in the coming northern hemisphere winter.

Fresh credit concerns added to price pressure along with new lows in the US dollar and an official government report showing US stockpiles fell by 821,000 barrels in the week ending 2 November.

Crude prices have increased by 65 per cent since the start of 2007.

Brent oil traded at $94.22 a barrel on 7 November, compared with $90.74 a week earlier.

The US Energy Information Administration (EIA) said the outlook for global supply was likely to remain tight, supporting high prices.