A motorcyclist and a sportscar were involved in a high-speed race on a busy dual carriageway, with both vehicles weaving between traffic, just seconds before the biker was killed in a crash, witnesses have told an inquest.

Oil prices spiralled towards the $50 mark today as concerns over supplies intensified after violence flared in Iraq.

Crude futures rose to a new high near $49 a barrel as the threat of sabotage to Iraqi oil infrastructure loomed larger than promises from Baghdad to boost exports in coming days.