The latest leap in the price of crude was triggered by a report from the US Government’s Energy Information Administration (EIA), which ignited anxieties that strong demand for fuel and refinery shutdowns could trigger petrol shortages in America.

The EIA report showed a 2.1 million barrel decline in US petrol stockpiles owing to heavy demand and slower domestic production of fuel.

Stockpiles of petrol are 3.7 per cent below last year’s levels for this time of year, while demand for fuel over the past four weeks has been 1.4 per cent higher than a year ago.

Against a backdrop of rising tension over the threat of terrorist attacks in Saudi Arabia, following warnings by the British Embassy there, the news from Washington sent oil prices charging upwards.

In New York, US benchmark light crude prices jumped by $1.93 to $65 a barrel, a record high, while London Brent crude was trading at a record $64.06 a barrel, up $2.08.

Efforts by the Opec oil cartel to curb price gains by increasing production have had little effect in recent days. Rafael Ramirez, the Venezuelan Oil Minister, said that the cartel had probably done all that it could to boost supplies and predicted that prices were likely to stick at present highs.

“We have said that this is a structural issue, not a short-term factor, and the price is going to stay the same,” he said.

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