US crude oil pushed above the $78 a barrel mark on Friday, reaching a fresh 2009 peak.
Nymex November West Texas Intermediate reached $78.17 a barrel before easing back to trade at $77.46.
ICE December Brent lost 30 cents at $75.94 a barrel.
Oil prices moved higher on Wednesday after US inventories data showed a larger-than-expected drop in petrol stocks last week, down 5.2m barrels, compared with a market forecast for an 800,000 barrels increase.
US crude stocks rose 400,000 barrels, below the consensus forecast for a 700,000 barrels increase.
Paul Horsnell of Barclays Capital said WTI prices had finally broken out of the tight $65 to $75 band that has been so dominant in recent months, and a transition to a $70 to $80 range was now in full cry.
“We do not think that this move is a radically different break and instead think of it as something more of a gradual transition into higher ranges,” said Mr Horsnell: “This still appears to us to be a market heading for relatively gentle upwards transitions in bands, rather than being primed yet for a more explosive break-out to the upside.”