Oil prices on Friday broke their fifth consecutive nominal record for the week, after a warning from the industrial countries' energy watchdog that rising prices had not yet dented demand.

The International Energy Agency on Thursday also pointed to a sharp slowdown in production outside the Organisation of the Petroleum Exporting Countries. The comments from the IEA pushed US oil futures to $66.11 a barrel, while heating oil and petrol also hit records. “My long-term forecast is for $70 a barrel,” said Phil Flynn of Alaron Trading in Chicago. Refinery outages and Iran's nuclear stand-off also supported prices.