Crude oil prices jumped above $146 a barrel on Thursday boosted by a drop in US stockpiles and concerns about the medium-term supply and demand balance. The rise brings the oil price surge since January to 55 per cent.

Henry Paulson, the US Treasury secretary, said on Thursday that the "predominant factor" behind the rise in oil prices was supply and demand.

"[It] is the fact that global production and capacity has not increased appreciably over the last 10 years and the demand has continued to grow and inventories are at low levels," Mr Paulson said in London.