Oil prices reached fresh highs above $82 a barrel after the US Federal Reserve cut interest rates and inventories fell more than expected.
Oil prices have risen by more than one third this year
The cut helped allay fears about a slowdown ahead of peak winter demand.
US light crude for October delivery set a new record high at $82.51 a barrel. It has since fallen back and at midday EDT (1700 BST) it was at $81.56.
US crude stocks fell by 3.8 million barrels last week, according to the Energy Information Administration.
The figure was almost double the expected fall.
London Brent Crude peaked at $78.65 a barrel, five cents below its record.
Oil prices have been rising gradually as a result of worries about supplies.
Some investors have also used commodities as an alternative option to volatile share markets.