OPEC President Chakib Khelil has warned that oil prices will continue to rise because of the falling dollar, he rejected the theory that oil cartel members were against boosting production to put a downward pressure on prices.

Global oil prices will jump to unprecedented levels in case of any aggression against Iran, the country's oil minister said on Saturday.

World oil prices rose in Asian trading on Monday after Saudi Arabia said at a weekend summit that it had raised output, and said speculators were partly to blame for higher prices.

Dow plummets 350 points as oil surges to record $139.01 a barrel and dollar sinks.

The oil export duty of Russia will rise to a record $398.1 per metric ton from June 1, 2008, in line with global market trends.

According to Bloomberg, crude oil prices rose near record levels again because the National Oceanic and Atmospheric Administration warned of a more severe hurricane season than originally forecast.

Oil prices cooled after rocketing to all-time highs of more than USD 135 a barrel, as the US currency firmed and investors took profits from the record-setting rally.

Crude oil prices rised past USD $135 a barrel for the first time on Wednesday, continuing its astonishing rise following unexpected drops in US crude and gasoline stocks in a tight market, dealers said.

It's typical of George W. Bush. He goes to Saudi Arabia to get their help in our energy mess and it doesn't go so well. In fact, the headline in the Telegraph was "Oil leaps after Bush's Saudi trip." Bush's mission did not achieve its desired effect. The Saudis agreed to produce 300,000 extra barrels -- a number the report calls "token." And it's only a token if you believe that Bush had any success at all. The Saudis say that decision had already been made and that Bush's visit had no impact.

The price of oil per barrel has risen to a new all time high. During trading in Asia and in London, England the price of NYMEX Crude oil futures, per barrel, was at US$124.34 (22:07 eastern time) setting a new record high. Brent Crude oil also hit a new record high of US$122.84, but soon retreated to $121.79.