Crude for July delivery rose $1.13 to $130.11 a barrel shortly after 7 a.m. Eastern, with the contract rising as high as $130.47.

The Bank of England on Wednesday became the latest to signal their fears, with the central bank saying in minutes of its last meeting that tight supplies rather than speculation is driving prices higher.

"According to the Bank's market contacts, speculative purchases did not seem to be the prime cause of the recent increases in the oil price," the central bank said, referring to the rise in oil prices during the month of April.

"More fundamental demand and supply factors had probably been at the root of its steep rise during recent months, and there remained considerable uncertainty about the oil price outlook," it said.

Because there was little prospect of a significant rise in supply over the next two to three years, oil prices might take longer than that to fall back.

Others with bullish oil forecasts include T. Boone Pickens, who on Tuesday predicted $150 a barrel oil, and various brokerages, including Goldman Sachs and Credit Suisse.