Oil prices surpassed a record $126 per barrel Friday on the eve of the U.S. driving season as a weakening dollar drove investors to snap up commodities.

Light, sweet crude for June delivery rose $2.51 to a new record of $126.20 a barrel in electronic trading on the New York Mercantile Exchange by the afternoon in Europe.

On Thursday, the contract rose to a record close of $123.69 a barrel.

In London, Brent crude contracts also hit record highs before slipping and traded up $2.98 on the day at $125.82 a barrel on the ICE Futures exchange. Earlier Friday, Brent had reached $125.90 before falling back.