US crude oil rose $5.50 to $140.05 a barrel in New York on Thursday afternoon, passing the record of $139.89 a barrel reached on June 16.

Earlier, Chakib Khelil, president of the Organization of the Petroleum Exporting Countries (Opec), had said oil prices could rise as high as $170 a barrel this year before declining later in the year.

Oil prices also rose on the London markets on Thursday, with crude oil rising $5.33 to $139.66 a barrel.

US stocks were down more than 350 points on Thursday following the news, with the Dow Jones Industrial Average closing at 11,457.41, its lowest level in two years