Recession 'only thing that will stop oil price rises'

The record price of oil is a bubble being driven by market speculators that will only burst when the UK and US fall into recession, a billionaire investor reportedly said today.

George Soros, a legendary hedge fund investor, blamed the spike in oil prices - which peaked at $135 (€85) a barrel for the first time last week – on investors betting that the cost of oil will continue to rise, according to an interview in The Daily Telegraph.