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8 Mar, 2008 07:08

Black gold prices reach record highs

Across in the United States crude oil futures havereached another all-time high, topping $US106 a barrel on Friday. Analysts say the surge is being driven by the weak U.S. dollar, which briefly hit an all-time low against the euro on Friday.

Light Sweet fell back from $US106 to settle at $US105.15 a barrel at the close of trade in New York.

Brent closed just above $US102 a barrel in London.

The week has seen record figures for oil, and there are several reasons for this.

As well as that weak dollar, a fall in U.S. inventories and OPEC's decision on Wednesday not to increase output have all contributed to the rise.