LONDON - Oil prices hit a record high above 126 dollars on Friday, driven into uncharted territory by speculative interest amid concerns about tight global energy supplies, analysts said.
New York's main oil futures contract, light sweet crude for June delivery, spiked as high as 126.20 dollars per barrel in London trading hours.
London's Brent crude contract hit an all-time high of 125.90 dollars.
Sucden analyst Michael Davies said there was "keen interest in the oil market by the (investment) funds, which are currently being attracted by oil's rapid price appreciation this year.
"This probably explains the move higher over the last few days," he added.
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