Oil prices soar to new high
The U.S. President George Bush has criticised OPEC's policy of not intervening to curb prices. He said the price hike was due to a shortfall in supply. However, the cartel says the record prices are driven by factors beyond its control.
“We’re confident that the oil price today isn’t influenced by the supply-demand factors. It’s strongly influenced by speculations and politics and President Bush is aware that we can’t control all that,” said Hamad Al Attiyah from OPEC.