A new measurement of the τ lifetime is presented. It uses data collected with the Opal detector during 1994, which almost doubles the size of the Opal τ sample. Two statistically independent techniques are used: an impact parameter analysis of one-prong decay tracks and a fit to the decay length distribution of three-prong decays. The lifetime obtained from the 1994 data by combining the results of these methods is τ(τ) = 289.7 ± 2.5 (stat)± 1.5 (sys) fs. When combined with the previous Opal τ lifetime measurement the improved τ lifetime is τ(τ) = 289.2 ± 1.7 (stat.) ± 1.2 (sys.) fs
