Crude oil traded in London hit a record high of $74.22 a barrel on
Thursday, the seventh consecutive day in which it set a new price peak.
Concerns that rising demand for petrol will squeeze already stretched
supplies have kept prices high, while data showed US gasoline stocks
falling.
US-Iran tensions and Nigerian supply concerns are also driving the market.
Brent crude later eased to $73.18 while US light, sweet crude touched a record $72.49 before closing at $71.95.
News that an important oil platform damaged by Hurricane Katrina would
recommence full production gave some relief to the market.
The Mars platform, operated by Royal Dutch Shell, has been running at reduced capacity since August.
The facility, which accounts for 5% of oil produced in the Gulf of Mexico, will return to pre-Katrina production levels in June.
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Complete article BBC
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