Crude oil prices continued their surge Thursday hitting a new record high of nearly $106 a barrel.

Opening address to the 148th Meeting of the OPEC Conference by HE Dr. Chakib Khelil, Minister of Energy and Mines of Algeria and President of the Conference.

OPEC oil ministers say they are unlikely to agree to an oil production hike at their meeting in Vienna Wednesday, despite historically high oil prices. Lisa Bryant has more for VOA from Paris.

World oil prices hit yet another record high in Monday's trading.

Oil prices surpassed $103 a barrel for the first time on Friday as persistent weakness in the US dollar and the prospect of lower interest rates attracted fresh money to the oil market.

London-based oil traded at all-time highs around USD 100 in Asia on Wednesday while New York oil rose above USD 101, boosted by an inflow of funds and ahead of an OPEC meeting next week.

Gasoline prices in the U.S. are at a seven-month high after oil prices spiked above $100 a barrel last week.

World oil traded flat in Asia on Monday after concerns for the US economy appeared to outweigh the impact of OPEC's decision to hold output steady.

China's disciplinary bodies on Tuesday warned local officials not to violate the central government's policies to control rising prices.

Oil prices fell further on Wednesday amid a growing belief that the US economy is slowing and that energy demand will weaken as a result.

Saudi Oil Minister Ali Al-Naimi says the world oil market is well supplied and fundamentals do not support high prices.

World oil prices edged up on Friday, after shooting close to 100 dollars earlier this week, as traders worried about tight supplies and geopolitical jitters in key producers.