Crude oil prices in New York rose to a new record of $102.59 per barrel late last week, although the figure increased even more during after hours trading. In less than a month, prices have risen $10, bringing the figures to above the record highs set during the 1980s. Information provided by the International Energy Agency has said that the previous record was $102.53, with the figures being adjusted according to inflation levels.

The weak dollar is seen as a major cause of this rise as well as increasing demand for oil. Violence in Nigeria earlier this year has led to a drop in the country's production by almost a quarter.

There have also been suggestions that reports of a fire at a National Gas Terminal may have contributed to the rising oil prices in Europe.