ABC

Crude oil prices have hit yet another all-time high in New York, going above $126 a barrel.

Driven by surging demand and continuing supply fears, US light crude hit $126.20 in afternoon trade in New York, before falling to $124.78 a barrel.

Soaring global demand for oil is being led by China's continuing economic boom and, to a lesser extent, by India's rapid economic expansion.

Both are now increasingly competing with the US, the European Union and Japan for the lion's share of global oil production.