A worker counts Indian currency at a petrol pump in the northeastern Indian city of Siliguri in this file photo taken on Feb. 5, 2008.(Xinhua/Reuters Photo) Photo Gallery>>>

    VIENNA, April 22 (Xinhua) -- The daily average oil prices of the Organization of Petroleum Exporting Countries (OPEC) on Monday reached a new peak of 108.93 U.S. dollars per barrel (dpb), said the Vienna-based cartel Tuesday.

    The prices boosted up over 4.7 percent in one week, set six records in six consecutive trading days.

    OPEC officials said last weekend that the prices would keep rising mainly due to the weak dollars. But they insisted that the market was well-supplied and there was no need for an immediate output increase.

    Meanwhile, Mahmoud Ahmadinejad, president of OPEC's No. 2 producer Iran, said last Saturday that the current oil price was too low and "should find its real value."

    The current average daily output of OPEC remains 3.1 million barrels and the organization has thrice refused to increase output since last December.

Crude oil touches $117 capping week of record highs

    NEW YORK, April 18 (Xinhua) -- Crude oil futures rocketed to a new trading record of 117 U.S. dollars a barrel on Friday, capping a week of record highs.

    The front-month contract hit 117 dollars a barrel in electronic trading after markets closed. Crude oil for May delivery gained 1.83 dollars, or 1.6 percent, to settle at 116.69 dollars a barrel on the New York Mercantile Exchange.

    It was the fifth day in a row crude prices set new records. Crude has been bullish in the week. Full story

Weak dollar not sole reason for high oil prices

    VIENNA, April 17 (Xinhua) -- OPEC's average daily oil prices have set records 16 times since the beginning of this year and soared to 106.65 U.S. dollars per barrel (dpb) Wednesday, the Vienna-based cartel said Thursday.

    Oil prices have surged higher since 2007 and regularly hit new peaks, so that price breaking is no longer news but a "routine" matter.

    International oil market analysts attribute the high prices mainly to the large amount of speculation in the commodity market, inspired by the weak dollar.  Full story

OPEC to maintain world oil demand forecast

    VIENNA, April 15 (Xinhua) -- World oil demand this year is forecast to grow by 1.2 million barrels daily to an average of 87 million barrels per day, the Organization of Petroleum Exporting Countries (OPEC) said Tuesday.

    The forecast maintains OPEC's estimation last month, despite soaring global oil prices. Full Story