When it comes to energy and food prices, economists are increasingly answering with one voice: quite possibly, nowhere. What to do when a global market used to always blaming inflation on the speculator loses rights to its favorite whipping boy?

Crude oil rose to a record for a fifth day, set for the biggest weekly gain since March last year, on speculation Nigerian export cuts may curb U.S. supplies during the peak summer driving season.

Attacks by militants on Royal Dutch Shell Plc's Nigerian operations have disrupted output from Africa's biggest oil producer, while U.S. distillate-fuel stockpiles and refinery output have declined from last year. OPEC said yesterday it doesn't need to increase supplies, even as its president warned prices may reach $200 a barrel.

"In the last couple of weeks attacks in Nigeria have been getting worse," said Andy Sommer, an analyst with HSH Nordbank in Hamburg. "Also, the view that oil can go to $200, even though everyone knows it's not the base-case scenario, is bringing in investor flows."

Crude oil for June delivery climbed as much as $1.23, or 1 percent, to $124.92 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $124.67 at 10:14 a.m. London time. Oil has risen 7.2 percent this week, the biggest weekly gain since March 23, 2007. Prices have doubled in the last year.

Brent crude oil for June settlement jumped as much as $1.41, or 1.2 percent, to a record $124.25 a barrel on London's ICE Futures Europe exchange. It was at $123.89 at 10:15 a.m. London time.

The Organization of Petroleum Exporting Countries said in a statement yesterday there's no need to raise output as "the considerable depreciation in the U.S. dollar" rather than limited supply is behind record prices. OPEC President Chakib Khelil said the weaker dollar may drive prices to $200 a barrel.

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