OPEC crude price hits new record
Xamar Radio
The price of oil produced by the Organization of Petroleum Exporting Countries (OPEC) has neared $117 per barrel, a new record high.

OPEC Secretariat said in a weekly report that its basket price rose 90 cents to an all-time high of $116.93 per barrel in the latest trading.

Oil prices hit a new record high of $126 per barrel in world markets on Saturday due to supply concerns and a falling dollar, which has boosted demand for commodities denominated in the US currency as they become cheaper for foreign buyers.

OPEC, which produces about 40 percent of world's crude oil, has reiterated that markets are well-supplied, saying surging prices are due to the depreciation of the dollar, geopolitical issues and speculation.