From The BBC News

Oil prices have hit a new record of $94 a barrel, as US government data showed a surprise fall in crude stockpiles for the second week in a row.

New York light crude jumped $3.62, or 4%, to $94 a barrel, while London Brent traded at $90.74 a barrel, up $3.30, in late afternoon trade in Europe.

The US government’s figures showed that domestic crude stocks fell by 3.9 million barrels last week.

Analysts had forecast an increase of 100,000 barrels.

“I am very surprised, the crude number is insanely bullish, it’s a big drop, for the second week in a row,” said Mike Wittner, global head of oil research at SocGen in London.

Weak dollar

An array of factors have been driving oil prices higher.

The weak dollar makes oil - which is priced in the greenback - cheaper to buy outside the US, lifting prices.

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