Oil climbed to a new high today on expectations that US data would show another fall in the crude stocks of the world's biggest consumer.
There were also fears of further disruption to US Gulf of Mexico output as the government warned of a severe hurricane season, and worry over the long-term stability of the world's biggest oil producer Saudi Arabia after the death of King Fahd.
US light sweet crude for September delivery hit a record high of $62.47 a barrel, up 58 cents, breaking through the front-month contract high of $62.30 set on Monday after Fahd's death.
London Brent crude rose to a peak of $61.25 a barrel, up 63 cents from Tuesday and also above its previous record high of $60.98.
"The economy is moving along pretty well, its a fairly consistent theme that high prices are not damaging global growth," said Kevin Norrish, analyst at Barclays Capital.
"There has been all sorts of news this week that would serve to emphasise the risk on the supply side."
Oil prices have charged higher over the past two years as the world's overstretched production capacity has struggled to satisfy voracious demand from the United States and the rapidly growing economies of countries such as China and India.