Iran's president Mahmoud Ahmadinejad says crude prices, hovering close to $US100 a barrel, are still lower than the actual value.

The price of crude oil is this week expected to make a renewed assault on the psychologically-important $US100 per barrel mark. Oil closed in New York trading early on Saturday at $US96.32.

The price of oil briefly touched $98 a barrel Wednesday while the dollar continued its decline and the Dow Jones Industrials fell two percent. VOA's Barry Wood reports one expert sees a direct relationship between the dollar's decline and the price of oil.

Oil prices bounced back toward $95 a barrel on Tuesday, gaining almost 1 percent as Asian stock markets steadied and traders bet that falling U.S. inventories and the approaching winter could help restart oil's rally.

The price of oil rose to a new record above US$96 a barrel Thursday after a surprise drop in U.S. crude stockpiles raised concerns about supplies for coming winter demand. Other energy futures also gained.

Oil prices rose above US$93 a barrel to a new trading high in Asia Monday on a weak U.S. dollar, growing political tensions in the Middle East and worries about the supply outlook ahead of the Northern Hemisphere winter.

Fears about a possible US military strike on Iran have helped push world oil prices to new record highs overnight.

Oil has risen to a new all-time record high during trading in Asia, passing US$91.10 at 10:23 p.m. (eastern time).

Oil prices traded at a record high Tuesday on concerns that Turkey will pursue Kurdish rebels into northern Iraq and disrupt oil supplies in the region.

Crude oil has risen to an all-time high during trading in Asia to close at US$86.13 a barrel, up $2.44.

Oil has zoomed to an all-time high above $85, propelled by robust demand from booming commodity markets and fresh geopolitical worries.

World oil prices fell in Asian trade by 80.89 dollars per barrel in Monday trade today but worries over tight energy supplies limited the drop.