FACTBOX: Why oil prices are at a record high

(Reuters) - U.S. crude oil hit an all-time high of $130.47 a barrel.

Robust demand for crude and a weak dollar have fuelled the rally from a dip below $50 at the start of 2007.

Adjusted for inflation, oil is now above the $101.70 peak hit in April 1980, according to the International Energy Agency, a year after the Iranian revolution. [read more...]