Oil hits record $75.78 on strong demand

Oil hit a record high of $75.78 a barrel, boosted by strong demand in the United States and global tension ranging from Iran's nuclear work to North Korea's missile tests. U.S. crude was up 16 cents at $75.30, having earlier hit an all-time high of $75.78. Adjusted for inflation, oil is more expensive than at any time since 1980, the year after the Iranian revolution.

Oil has rallied from below $20 at the start of 2002, driven by rising global demand led by the U.S. and China that has stretched oil producers and refiners. The United States uses 40% of the world's gasoline and a quarter of its crude oil supply. Growing demand and a strain on supply suggest that strong oil prices are here to stay unless a recession leads to a collapse in demand, investors say.

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